When Will Silver Prices Bounce Back?

Cassie Bastien

7/21/2017 10:31:50 AM

Daily Gold & Silver Market Report – 07/21/2017

With help from a weak U.S. dollar, Silver prices have regained some momentum in recent days. However, DailyFX Market Analyst Paul Robinson says, “We have yet to see the worst [Silver] levels before a meaningful low can form.” Nonetheless, Robinson says a price action in levels of the gray metal is needed to tell viewers exactly when that time will arrive for a bounce in prices. A drop in prices from here, or even an increase through resistance with a failure to hold, Robinson says “would constitute the price action we are looking for.” In the event Silver prices drop near $14 an ounce, many investors believe a sizeable rally is very likely.

Gold Prices Hit Biggest Weekly Rise in Over 2 Months

“A surging euro pushed the U.S. dollar to its weakest since June 2016,” causing Gold prices to hit above $1,250 an ounce., Reuters Reporter Peter Hobson said. Bond yields also took a dip after European Central Bank President Mario Draghi said Thursday the  bank was in no hurry to scale back its asset purchasing program. However, a rally by Gold is limited due to expectations of a final 2017 interest rate hike by the Federal Reserve. More information will come after the Fed’s next committee, scheduled for July 25-26.

• Gold prices are up 1.6 percent this week (Reuters.com).

U.S. Stock Index Futures Drop as Earnings Flow Continues

Dow futures was down 0.13 percent, while S&P 500 futures were also down 0.4 percent, as U.S. stock index futures edged lower Friday ahead of earnings reports. Investors are also eyeing a potential expansion into the investigation of the alleged ties between the Donald Trump and Russia. Furthermore, Investing.com reports, “The dollar index dipped below 94 as the euro hit two-year highs.”

At 11:31 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,253.70 Up $5.20
• Silver, $16.56 Up $0.09
• Platinum, $937.20 Up $3.00
• Palladium, $856.80 Up $2.10

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.