(Bloomberg) — Metals surged in volatile trading on Friday, with silver and copper hitting fresh records, after a chaotic hours-long outage on CME Group’s Chicago Mercantile Exchange.

Silver jumped as much as 5.9% to $56.53 an ounce, surpassing a peak set during a historic squeeze in the London market in October. The white metal has been supported by rising hopes of a Federal Reserve interest-rate cut in December, inflows into bullion-backed exchange-traded funds and ongoing supply tightness. Copper surged against the backdrop of supply shortfalls and bullish price predictions.

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The record-setting moves came amid low Black Friday trading volumes in the US following the CME disruptions. Spreads between what dealers and sellers would buy and sell gold for briefly surged earlier, signaling an illiquid market. As most trading operations resumed early in the US morning, futures on the London Metal Exchange extended their rally.

Spot silver traded at $ an ounce as of  in New York. Gold rose  while platinum traded  higher. LME copper futures settled 2.3% higher in London after earlier hitting a fresh record of $11,210.50 a ton.

Silver’s new high comes just over a month after a severe supply squeeze in the dominant trading hub in London last month, which sent prices soaring above levels in Shanghai and New York. While the arrival of nearly 54 million troy ounces has eased that squeeze, the market still remains markedly tight with the cost of borrowing the metal over one month hovering above its normal level.

The flows into the London market have now put pressure on other hubs, including in China. Silver inventories in warehouses linked to the Shanghai Futures Exchange recently hit their lowest level since 2015, according to bourse data.

“In the short term, a further price increase cannot be ruled out if registered silver inventories in China continue to decline,” analysts at Commerzbank AG wrote in a note earlier Friday.

Traders are also monitoring any potential tariff on silver after the precious metal was added to the US Geological Survey list of critical minerals this month. While 75 million ounces have left Comex vaults since early October, fears of a sudden premium for US silver have caused some traders to hesitate before shipping metal out of the country.

Silver has surged more than 90% this year, as investors pile into alternative assets in a wider retreat from government bonds and currencies, dubbed the debasement trade. Optimism about the metal’s fundamental supply-and-demand balance have also supported prices — the market is set to see a fifth consecutive supply deficit this year. Unlike gold, a large share of silver demand is industrial, with applications in solar cells and electronics.

Copper’s latest leg-up comes after miners, smelters and traders met in Shanghai this week, with discussions focused on a tightening market. Kostas Bintas, the high-profile head of metals at Mercuria Energy Group Ltd., renewed his bullish prediction, warning that a rush to ship metal to the US risks draining the rest of the world’s inventories.

“This is the big one,” he said in an interview at the end of an industry conference in Shanghai organized by the Center for Copper and Mining Studies, or CESCO. “If the world keeps going like this we will be left without copper cathodes in the rest of the world.”

Traders have been ramping up shipments to the US in recent weeks to once again capitalize on a big premium for metal on the Comex, fueled by ongoing uncertainty about the potential for future tariffs.

Friday’s surge is “a response to very bullish headlines coming out of CESCO Shanghai, focusing on the pull of US units into the country creating tightness ex-US,” said Natalie Scott-Gray, senior metals analyst at StoneX Financial Ltd.

“This comes against a backdrop in which we already, for year-end, have a perfect storm bull narrative,” she said, citing the anticipation of tariffs, an improving macroeconomic outlook and supply disruptions.

Copper has found further support in rising expectations of further monetary easing by the Fed, which could propel growth and demand in the world’s biggest economy.

–With assistance from Charlie Zhu and Winnie Zhu.

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Palo Alto Networks (PANW) resumed its decline in its latest intraday trading, pressured by continued negative momentum resulting from trading below its previous 50-day SMA. This confirms the break of a main medium-term ascending trendline, which further intensifies the bearish pressure surrounding the price, especially after it successfully relieved part of its oversold saturation on the RSI indicators.

Therefore we expect the stock to decline in its upcoming trading, as long as it remains below the resistance level of $193.10, targeting the support level of $172.75.

Today’s price forecast: Bearish

Upside Breakout Levels

An upside breakout of the consolidation triangle as it is currently configured is initially triggered above the top trendline but more reliable on a rise above the lower swing high at $4,245. That breakout level confirms a triangle breakout as well as generating a higher swing high and continuation of the bull trend begun from the October swing low. A rising ABCD pattern on the chart shows an initial 78.6% harmonic target for the pattern at $4,280, while price symmetry between the two rising measured moves completes at $4,356. This makes those two price levels the first upside targets on a breakout above the high for November at $4,245 (B).

Near-Term Trigger

However, an initial signal for a continuation of the bull trend towards the $4,245 high is on a sustained breakout above Wednesday’s high and the current high of the CD leg of the advance at $4,173. The breakout will need to prove itself once triggered, with a clear pick-up in bullish momentum.

Weekly Bullish Context

The weekly chart shows a bullish view, with a higher weekly high and higher low established following another successful test of support at the 20-day moving average. That is consistent with dynamic support near the longer-view 10-week average. A weekly close above last week’s high of $4,133 will confirm the weekly bull breakout and show buyers in control on that time frame. Subsequently, if gold stays above this week’s low of $4,040, the potential for the long-term bull trend to resume remains the most likely possibility for now.

Outlook

Tighter risk management can be achieved by the 20-day average support indicated at $4,075 currently and rising again after a slightly bearish decline. The more significant potential dynamic support line is at the 50-day average at $4,019. A decisive move above $4,173–$4,245 targets $4,280–$4,356; failure to clear the downtrend line risks a lower swing high and test of $4,075 – $4,040.

For a look at all of today’s economic events, check out our economic calendar.

No news for EURJPY pair’s new sideways trading and its fluctuating near 181.15, but its stability above the support level near 179.40 and attempting to form extra support at 180.25 level, these factors support the chances of renewing the bullish attempts, attempting to breach the barrier at 181.75, targeting new positive stations that might begin at 182.30 reaching the main target at 183.05.

Note that stochastic approach from 80 level will increase the chances of achieving extra bullish momentum, to pave the way for achieving the breach and reaching the suggested targets.

The expected trading range for today is between 180.35 and 182.30

Trend forecast: Bullish

Platinum price succeeded in providing new positive close above $1605.00 level, to confirm its readiness to resume the bullish trend, fluctuating near $1635.00.

The continuation of providing positive signals by the main indicators will ease the mission of breaching $1645.00 level, to open the way for recording extra gains that might begin at $1695.00 and $1745.00.

The expected trading range for today is between $1600.00 and $1695.00

Trend forecast: Bullish

Rate expectations moved sharply. Futures markets now assign an added 85% probability to a quarter-point cut next month, up from roughly 50% a week earlier. The shift pushed the US Dollar to a one-week low, though stronger risk appetite limited gold’s upside.

Mixed US Data Keeps Traders Cautious

US economic figures delivered a mixed signal. Durable goods orders rose 0.5%, beating forecasts but slowing from the prior month, while unemployment claims fell to 216,000, the lowest in seven months. However, the Chicago PMI dropped to 36.3, its deepest contraction in months, highlighting ongoing business weakness.

Despite the divergence, traders focused more on the Fed’s dovish tone than the data itself, keeping pressure on gold and silver as markets rotated into risk assets.

Silver Tracks Gold as Risk Appetite Improves

Silver eased alongside gold, with sentiment supported by signs of progress in geopolitical negotiations and firming global equities. As an industrial-linked metal, silver remains particularly sensitive to shifting growth expectations, and the improved risk backdrop tempered haven demand.

For now, both metals remain anchored to the Fed’s policy trajectory. With markets heavily pricing in a December cut, upcoming inflation data and scheduled Fed speeches will likely guide the next move.

Short-Term Forecast

Gold may range between $4,122–$4,179 as traders await a breakout from the triangle, while silver holds a bullish bias above $52.26, eyeing $53.46–$54.44 if momentum strengthens.