The S&P 500 had a good week due to the impressive start of Q1 earnings and favorable inflation data. In March, the consumer price index rose 5%, lower than the previous month's 6%, and met economists' expectations.
Silver: rising in the shade
2023-03-08 • Updated
We are used to discussing gold as if it was the only actor on the stage. In the meantime, silver made a 100% value gain in 2020 - much more than gold did. It should already be enough to be considered in line with gold as a potentially very benefitial asset to trade. The weekly chart below proves that idea.
On the H1, silver made a local breakthrough, too. After going mostly sideways along the level of 25.00, it made a straight leap to 27.00 - which is almost a 10% gain in one day! Currently, it trades above 26.00 but the volatility is obvious: hence, the potential profitability. Don't give in to the frenzy that quickly, though: if you observe more performance of this metal, you'll see plunges even more spectacular than this rise. Therefore, be prepared for a bearish scenario where silver cedes the gains and gets down to touch the Moving Averages again. After, it may keep conquering the upside.
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Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.