{"id":493,"date":"2023-10-09T15:01:34","date_gmt":"2023-10-09T12:01:34","guid":{"rendered":"http:\/\/1.test.freshtone.ru\/six-months-lows-of-silver-have-attracted-buyers\/"},"modified":"2023-10-09T15:01:34","modified_gmt":"2023-10-09T12:01:34","slug":"six-months-lows-of-silver-have-attracted-buyers","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/six-months-lows-of-silver-have-attracted-buyers\/","title":{"rendered":"Six-months lows of silver have attracted buyers"},"content":{"rendered":"<p>Last week, <a href=\"https:\/\/marketcheese.com\/symbol\/silver\" target=\"_blank\" rel=\"noopener\"><strong>silver prices<\/strong><\/a> updated the lows since mid-March. The price actively declined, testing the support at <strong>$21<\/strong> per ounce. The candlesticks on the daily chart have long lower shadows &#8211; evidence of active purchases of silver below <strong>21<\/strong>. The bears hurried to take profits when they met the resistance. On Friday, we saw a strong rebound of silver prices upwards. According to the technical indicators, the upward movement is just beginning.<\/p><p><br><\/p><p>On Friday, the fall in silver prices stopped after the release of September statistics on the U.S. labor market. In general, the data can be assessed as mixed, but financial market participants were noticeably cheerful after its publication. Is such a surge of optimism justified, or traders just overreacted?<\/p><p><br><\/p><p><a href=\"https:\/\/marketcheese.com\/indicator\/us-nonfarm-payrolls\" target=\"_blank\" rel=\"noopener\"><strong>A negative factor is still growing number of new jobs in the U.S<\/strong><\/a><strong>.<\/strong> According to the results of September, their number increased by 336 000. It was more than both the indicator of August (227 000) and the forecast of analysts (170 000). Moreover, this is the maximum growth of the number of new jobs since January this year. However, at the same time, there is evidence that confirms the cooling of the U.S. labor market.<\/p><p><br><\/p><p>Contrary to expectations, <a href=\"https:\/\/marketcheese.com\/indicator\/us-average-hourly-earnings-yoy\" target=\"_blank\" rel=\"noopener\"><strong>the growth rate of wages slowed from 4.3% to 4.2%<\/strong><\/a>. At the same time, the unemployment rate remained at 3.8%, although it was expected to fall to 3.7%. On the one hand, the figures show the resilience of the U.S. labor market amid high interest rates. On the other hand, there is no need for further tightening of monetary policy. Such a soft landing scenario for the economy, if it does materialize, will be an important factor for silver prices.<\/p><p><br><\/p><p>The reversal of silver prices upward from level<strong> 21<\/strong> is followed by the exit of the technical indicators <strong>RSI<\/strong> and <strong>Stochastic<\/strong> from the oversold zone. This increases the chances of the price growth continuation. The bulls may consider the range of <strong>22.2-22.3<\/strong> as the nearest target, which matches the minimum marks of June, August and September.<\/p><p>\u00a0<\/p><p><br><\/p><p>The following trading strategy might be suggested:<\/p><p>\u00a0<\/p><p><strong>Buy silver in the range of 21.5-21.7. Take profit \u2013 22.2. Stop loss \u2013 21.<\/strong><\/p><p><br><\/p><p>Traders may also use the <strong>Trailing stop<\/strong> instead of the fixed <strong>Stop loss<\/strong> at their discretion.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. Forecast for Silver.","protected":false},"author":1,"featured_media":325,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forecasts-en"],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":true},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Six-months lows of silver have attracted buyers - SSC<\/title>\r\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Six-months lows of silver have attracted buyers - 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