Silver has climbed back above $50 an ounce after a short period of sideways movement. The rise is being helped by a weaker US dollar, as traders see little chance of an interest rate cut at the .
However, upcoming US economic data, especially labor market numbers, could change this outlook. The Senate has just passed a budget bill, ending the government shutdown, which may allow delayed reports to be released soon.
For the chances of a 25-basis-point rate cut to increase, the labor data would need to come in weaker than expected. That could push the Fed to keep supporting the economy even if stays high.
Key Features of the
For investors exploring opportunities in the silver market, the Global X Silver Miners ETF stands out as an option worth considering. The fund gives exposure to several companies involved directly in silver mining. Among its holdings are well-established industry leaders, with holding the largest weight at just under 25%.
Although the fair value index suggests a possible correction, the company remains strong financially. It has solid profit margins, healthy cash flow, and a strong balance sheet. Since the fund is closely linked to silver prices, any rise in silver’s value would likely push the fund higher as well.
Another company with strong fundamentals is Industrias Peñoles SAB de CV. Along with solid financial health and a fair value outlook that points to further growth, the InvestingPro analysis shows that the company’s overall fundamentals display almost no weaknesses.
Source: InvestingPro
In summary, the Global X Silver Miners ETF offers investors exposure to a group of leading silver mining companies whose performance closely follows movements in silver prices.
Silver Forms a Classic Inverted Head-and-Shoulders Setup
The consolidation seen in late October and early November, marking the end of a sharp correction, formed an inverted head-and-shoulders pattern. With prices now breaking above the neckline at around $49 per ounce, the broader uptrend has resumed. Buyers are currently testing resistance just below $52 per ounce, and a breakout above this level appears to be the most likely outcome.
If buyers manage to push prices higher, the next target will be the previous record high near $53.80 per ounce. The key support level remains the recently broken neckline at $49 per ounce.
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Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.
