CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

🥈 SILVER jumps 1.7%

13:05 27 November 2023

🚀 Precious metals continue to rally supported by USD weakness

US dollar launched a new week's trading on the back foot and is dropping against all other G10 currencies. US currency is weakening as traders see Fed rate hike cycle as done and are bracing for rate cuts in 2024. Dovish expectations and weak USD are provide fuel for rally on precious metals. Gold is trading 0.6% higher on the day and trades above $2,000 mark. Gold is close to making the first monthly close above this psychological level in history. Meanwhile silver rallies 1.7% today and slowly approaching $25 per ounce area for the first time since the end of August 2023.

Taking a look at SILVER chart at D1 interval, we can see that the price has been trading sideways in the $22.25 - 25.00 range for the past half a year. Silver price has recently bounced off the lower limit of the range and rallied over 12% over the past two weeks. Bulls are now approaching a key mid-term resistance zone ranging below $25.00 mark and a break above would pave the way for a bigger upward move.

Start investing today or test a free demo

Open account Try demo Download mobile app Download mobile app

Source: xStation5

This 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.

Back
Xtb logo

Join over 935 000 investors from around the world