Precious Metal Price Predictions – Gold Retreats Amid Dollar Strength; Silver and Platinum Show Mixed Performance
October 4, 2024Anticipating Silver Price Movement in Q4 2024
October 6, 2024The silver market experienced a slight pullback early on Friday, but quickly reversed course following the release of positive job numbers that boosted market sentiment. The uptick in job creation in the U.S. is expected to drive up industrial demand for silver. Additionally, the rise in gold prices was seen as a reflection of Wall Street’s optimism towards the economy, without concerns about the Federal Reserve deviating from its rate-cutting plans. This positive outlook led to a general increase in asset values. Analysts suggest that short-term dips in silver prices present buying opportunities, with a potential support level forming around $30. The market’s movement between the 50% and 61.8% Fibonacci retracement levels indicates a typical pullback and continuation pattern. Looking ahead, the focus will be on the $30 level as a key indicator of the prevailing trend. Despite the possibility of minor setbacks, it is anticipated that silver prices will continue to climb, with a target around the $35 mark in the near future.