Silver Remains Lackluster

Silver prices are steady on Friday, as the white metal continues to hover to close to $17.50.
Kenny Fisher

Silver Prices Remain Flat

Silver is showing little movement on Friday. In the European session, silver is trading at $17.43, down $0.11, or 0.62% on the day.

Chinese GDP Slows in Q3

Trade talks continue between China and the U.S., but the bitter tariff war continues to take its toll on the Chinese economy. Chinese GDP gained 6.0% in the third quarter, missing the forecast of 6.1%, and down from the 6.2% gains in the second quarter. This reading marked the lowest quarterly growth rate since 1992, when records were first kept. China’s economy has been losing steam since late 2017, and the current trade war has only made things worse. China’s manufacturing and export sectors have been hit hard, and the GDP underscores that the world’s second-largest economy remains gripped in a slow-down.

As for the trade talks, investors remain optimistic that the sides will reach a limited trade agreement. The “Phase 1” deal would be the first of up to three mini-agreements, allowing the sides to postpone dealing with thorny issues such as forced technology transfers to another time. The Trump administration has canceled tariffs that were scheduled to take effect this week. Still, the U.S. has yet to remove a new 15% tariff scheduled to commence on December 15 on $160 worth of Chinese goods. Silver prices have been fairly steady in the month of October, but that could quickly change, based on developments in the U.S-China talks.

Silver Technical Analysis

Silver has shown little appetite to move away from 17.50, and has been flat for most of the month of October. With the 50-EMA embedded on the candlesticks in this area, I expect this lack of activity to continue into next week. On the upside, the round number of 18.00 is stable. This line has remained intact since late September.  
XAG/USD 1-Day Chart

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.