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Silver trades higher as demand increases. It hit a high of $32.18 at the time of writing and is currently trading around $32.09.
The encouraging economic data from China bodes well for industrial metals such as silver. In the third quarter of 2024, the Chinese economy grew by 4.6% year-on-year, slightly surpassing forecasts of 4.5% but down from 4.7% in the previous quarter. This marks the slowest growth rate since early 2023, reflecting ongoing issues such as a declining property sector and weak domestic demand. Year-to-date GDP growth stands at 4.8%, falling short of Beijing's 5% target. Meanwhile, industrial production increased by 5.4% in September, exceeding expectations, and retail sales rose by 3.2% year-on-year, outperforming analyst predictions.
Gold-silver ratio-
Gold/Silver ratio-84.78. The gold-silver ratio decreased from 83.45 to 85.26 showing that gold outperformed silver in the past few days. A ratio above 80 often suggests that silver may be a more attractive investment compared to gold.
Major trend reversal level -$33
It trades above 34, 55- EMA and above 200 and 365 Hull EMA in the 4-hour chart. The near-term support is around $31.75 and a break below the target of $31.25/$30.80/$30.40/$30/$29.60/$28.93/$28. On the higher side, immediate resistance is around $32.25, and any breach above targets $32.75/$33.
It is good to buy on dips around $31.75 with SL around $31.25 for a TP of $33.
