Silver price jumped over 7.0%, most since February 2021 as concerns regarding the financial condition of Credit Suisse and weakening US dollar and lower bond yields provided support for precious metals. This may led to a market squeeze as traders bought back their previously short positions. Also one needs to remember that hawkish central banks and a slowdown in the global economy is reducing the consumption of electronics and automobiles and sales of jewelry from major consumers China and India, which may push prices lower in the long run.
Silver price rose sharply on Monday and broke above psychological resistance at $20.00 per ounce. Next target for buyers can be found at $21.00. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
