Silver about to break higher?
Silver has held its own above its bullish trend line, potentially on the verge of breaking higher after a short-lived dip post US retail sales data.
Our gold and silver outlook remains bullish. With gold only a few dollars shy of hitting a new record high, silver could play catch up and head to a fresh multi-year high.
Gold's recent performance has been bolstered by a weaker dollar and reduced bond yields. Its strong gains in 2024 have reinforced its status as a reliable asset for wealth preservation amidst rising prices.
Silver, which has dual usages as a precious metal and industrial material, has been held back by weaker-than-expected Chinese data this week. But it is unlikely to completely decouple from gold. So watch out for a bullish breakout.
By Fawad Razaqzada, market analyst at FOREX.com
Our gold and silver outlook remains bullish. With gold only a few dollars shy of hitting a new record high, silver could play catch up and head to a fresh multi-year high.
Gold's recent performance has been bolstered by a weaker dollar and reduced bond yields. Its strong gains in 2024 have reinforced its status as a reliable asset for wealth preservation amidst rising prices.
Silver, which has dual usages as a precious metal and industrial material, has been held back by weaker-than-expected Chinese data this week. But it is unlikely to completely decouple from gold. So watch out for a bullish breakout.
By Fawad Razaqzada, market analyst at FOREX.com
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