
Gold Prices Stagnate Around $2500 While Traders Await Catalysts
September 3, 2024
Silver Prices Predicted to Possibly Drop to 200-Day MA Support at $26.62 as Bearish Outlook Prevails
September 5, 2024Silver prices experienced a decline on Tuesday, marking a three-session decrease of over 3%. Despite some initial resistance near the $28.22 pivot level, the market is expected to open below the 50-day moving average, reflecting a negative sentiment among intermediate trend followers. Various factors, such as profit-taking, a strong U.S. Dollar, and concerns about the Chinese economy, have contributed to the downward pressure on silver. Additionally, uncertainty surrounding the Federal Reserve’s interest rate decision is impacting market sentiment. Traders are advised to monitor upcoming U.S. labor market data for potential shifts in silver prices.