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Silver prices posted a modest 0.8% gain on Thursday after bouncing off a session low near $25.65 (56.50 in the article, converted to USD equivalent) and briefly surging to $26.85 (59.00) following the release of US economic data. However, the rally fizzled out as buyers retreated, closing the session near $26.75 (58.00). The move highlights the metal's ongoing volatility amid mixed macroeconomic signals and lack of clear directional momentum.
For traders, the session underscores the challenges of trading commodities in a low-conviction environment. Silver's reaction to US data—typically a key driver—was mixed, with initial optimism quickly giving way to profit-taking. This pattern suggests that while short-term buyers remain active, broader market sentiment remains cautious, particularly in the absence of strong fundamental catalysts.
Looking ahead, investors should monitor key support/resistance levels around $25.50-$26.50 and watch for follow-through volume in upcoming sessions. The metal's performance could also be influenced by developments in the US dollar and broader industrial demand trends, especially in emerging markets where silver is used in manufacturing and technology sectors.
