Silver prices continue to head higher and have touched 6-week gains. A soft U.S. durable goods orders report and concern over the U.S-China trade deal have raised investor jitters as well as the price of silver.
Silver prices continue to climb this week. In Tuesday’s European session, silver is trading at $17.59, up $0.18 or 1.01% on the day. Earlier, silver touched $17.63, its highest level since November 7th.
The only key U.S. numbers in a shortened holiday week missed the mark on Monday. Durable goods orders plunged 2.0% in November, compared to a gain of 0.6% a month earlier. This was shy of the estimate of +0.2%. The core release, which excludes volatile items such as aircraft orders, slowed to 0.0%, down from 0.6% in October. This figure was well off the estimate of a 1.5% gain. The weak durables reports indicate that the manufacturing sector remains tepid, and this has dampened risk appetite and buoyed safe-haven silver.
Silver continues to break through resistance lines this week. The silver forecast indicates an upward trend for the metal. In the Asian session, silver broke past resistance at 17.50. Above, there is resistance at the round level of 18.00, which has held firm since the first week in November.
Kenny is an experienced market analyst, with a focus on fundamental analysis. Kenny has over 15 years of experience across a broad range of markets and assets –forex, indices and commodities.
