Copper price rose in attempt to recover its previous losses, and it attempts to recover some of its losses, attempting to offload some of its clear overbought conditions, especially with the emergence of positive overlapping signals, amid the continuation of the negative pressure due to its trading below EMA50, reinforcing the dominance and stability of the bearish corrective trend on the short-term basis with its trading alongside supportive trend line.
Therefore, our expectations suggest a decline in their last trading on an intraday basis, if the resistance settles at $55.10, to target the key support level at $4.95.
The expected trading range for today is between $4.95 and $5.10
Silver price (XAG/USD) revisits the weekly low around $49.50 during the European trading session on Friday. The white metal faces selling pressure as traders remain confident that the Federal Reserve (Fed) will not cut interest rates in the December policy meeting.
According to the CME FedWatch tool, the probability of the Fed cutting interest rates by 25 basis points (bps) to 3.50%-3.75% in the December meeting is 35.5%.
The scenario in which the Fed holds interest rates steady bodes poorly for non-yielding assets, such as Silver.
Fed dovish expectations stay lower as officials remain concerned over rising inflation risks to the upside. On Thursday, Cleveland Fed Bank President Beth Hammack stated that high inflation is the “real issue” of the economy, adding that “inflation is still too high and trending in wrong direction”, which calls for the need to keep the monetary policy “somewhat restrictive”.
Meanwhile, the rising United States (US) jobless rate has also failed to intensify Fed dovish expectations meaningfully. The US Nonfarm Payrolls (NFP) data for September showed on Thursday that the Unemployment Rate rose to 4.4%.
In Friday’s session, investors will focus on the flash US S&P Global Purchasing Managers’ Index (PMI) data for November, which will be published at 14:45 GMT.
Silver technical analysis
Silver price struggles to hold the 20-day Exponential Moving Average (EMA), which trades around $49.50.
The 14-day Relative Strength Index (RSI) returns inside the 40.00-60.00 range, suggesting indecisiveness among investors about the near-term outlook.
Looking down, the September 23 high of $44.47 would remain a key support. On the upside, the all-time high of $54.50 might act as key barrier.
Silver daily chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Wednesday’s decisive close above the 10-day line marked a clear bullish reversal after a brief violation days earlier. A daily close back below $4.67 today would jeopardize that signal and return short-term bias to bearish. Minor or brief dips with swift recovery remain tolerable in a strong trend.
Higher Low Structure
Wednesday’s $4.57 low established the current higher daily low sequence. A decisive drop beneath it would erase that bullish distinction and invite a deeper test of the rising 20-day average at $4.47, now converging with a supporting uptrend line for enhanced significance.
Broader Resistance Context
The entire advance continues to probe the 88.6% Fibonacci retracement zone of the prior major decline. Sustained trade and a close above Wednesday’s $4.81 high is required to confirm continuation momentum and head towards a challenge the recent trend high at $4.88.
Measured Upside Extensions
A clean break above $4.88–$4.95 (March 2025 peak) unlocks $4.96 as the immediate next objective, followed by $5.14. The 127.2% extension of the recent pullback defines the first new trend-high projection, while the 161.8% extension outlines the stronger measured move if bulls stay aggressive.
Outlook
Thursday’s inside day crystallizes the 10-day average at $4.67 and higher low at $4.57 as the immediate defensive line for bulls. Hold this zone to protect Wednesday’s hammer reversal and drive toward $4.88–$4.96 in the sessions ahead. A close below $4.57 shifts focus to the 20-day/uptrend confluence at $4.47; only sustained weakness beneath that level would meaningfully threaten the broader bullish structure.
For a look at all of today’s economic events, check out our economic calendar.
UnitedHealth Group Incorporated (UNH) declined in its latest intraday trading, with the short-term primary downtrend firmly in control as the stock continues to move along a descending trendline. Additional negative pressure persists as it trades below its 50-day simple moving average, reducing its chances of a near-term recovery. This comes alongside continued negative signals from the Relative Strength Indicators, even after the stock succeeded earlier in unwinding its oversold conditions.
Therefore, we expect the stock’s price to decline in the upcoming sessions, especially if it stabilizes below 316.40 dollars, targeting its first support level at 273.85 dollars.
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $58.46 per barrel, up from Wednesday’s close at $58.43. Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $62.52 price posted on Wednesday, and trading at $62.54.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
At 13:08 GMT, XAUUSD is trading $4090.32, up $12.47 or +0.31%.
Gold Market Pullback as Dollar Firms Ahead of Jobs Data
Gold is down more than 1% on Thursday, driven by a firmer dollar and a sharp drop in expectations for a December rate cut. The dollar index sits near a two-week high, and that strength continues to pressure XAU/USD. Traders are dealing with typical year-end two-way flow, with profit-taking meeting fresh positioning.
The Fed minutes didn’t help the bullish side either: officials cut in October but warned that easing too fast risks sticky inflation and credibility concerns. Rate-cut pricing for December has fallen to roughly 34%, down from 49% just a day earlier.
Jobs Report Delay Keeps Fed Outlook Uncertain
Today’s September payrolls print—delayed by the shutdown—lands at 13:30 GMT, and expectations sit near 50,000 jobs versus August’s 22,000. It’s an old data set, but the Fed meets December 10 without the next jobs report until December 16, so this release still matters.
Deutsche Bank notes that a December cut basically requires a weak number, and traders know it. Treasury yields are inching higher ahead of the release, with the 10-year around 4.146% and the 2-year at 3.61%, keeping pressure on non-yielding gold.
Dollar Rally Extends as Fed Minutes Slash Cut Odds
Across FX, the dollar is pushing higher after the Fed minutes showed “many” officials opposing a December cut. The yen slid toward 158 per dollar before stabilizing, with traders openly debating whether Japan steps in around 160.
Silver price declined in its last intraday trading, due to the stability of the resistance at $52.00, this resistance was our expected target in our previous analysis, to attempt to gain bullish momentum that might help it breach this resistance, and attempts to offload some of its overbought conditions on the relative strength indicators, especially with the emergence of the negative signals, to surpass the support of its EMA50, which may reduce the chances of the price recover in the upcoming period, amid the dominance of the main bullish trend and its trading alongside minor trend line on the short-term basis.
There is no change in the suggested bearish corrective scenario of copper price, that depends on the stability at $5.2000, to notice the continuation of providing negative momentum by stochastic approach from level 50, therefore, we will keep our corrective expectation that might target the support at $4.7500.
While activating the bullish trend requires providing several positive closes above the previously mentioned barrier, to confirm its readiness to record several gains by its rally
The expected trading range for today is between $4.7500 and $5.1200
Platinum price failed to confirm the break of the sideways track at $5.2000, forming temporary bullish wave to settle near $1560.00.
We expect the confinement between the current support and $1605.00 level that represents the sideways track’s barrier, to keep waiting for surpassing one of these levels, to confirm the expected trend in the near period, reminding you that breaking the support and holding below it will confirm its readiness to target several corrective stations by reaching $1480.00 and $1440.00.
The expected trading range for today is between $1530.00 and $1585.00
West Texas Intermediate (WTI) Oil price advances on Thursday, early in the European session. WTI trades at $59.34 per barrel, up from Wednesday’s close at $59.28. Brent Oil Exchange Rate (Brent crude) is also up, advancing from the $63.15 price posted on Wednesday, and trading at $63.21.
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
