Silver is testing levels around $39 per ounce today, reaching its highest price since July 25. The precious metal’s price has gained more than 1% during the session, positioning it as one of the day’s strongest-performing commodities. Later, the gain has been erased to around 0.8%.
The gains are driven by positive sentiment across the precious metals complex. Gold has risen above $3400, surpassing its recent peak from August 6 and trading at its highest point since July 23. The broader rally follows growing expectations for a Federal Reserve rate cut at its upcoming September meeting. This sentiment was fueled by recent remarks from New York Fed President John C. Williams, who indicated that the September and subsequent meetings would be "data-dependent" or "live" decisions. Market expectations currently price in an 85% probability of a cut next month.
From a technical perspective, silver briefly broke above its August 21 peaks after previously bouncing off its 30-period moving average. The zone between the 30- and 50-period moving averages has now emerged as a key demand area for the metal. Data on speculative positioning also suggests a potential shift, as net speculative positions are no longer being reduced. This could signal a similar scenario to January, April, and May, when periods of price consolidation were followed by a strong rally as buyers re-entered the market.
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