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Silver surged more than $2 as US inflation eases. It hit a high of $30.97 and is currently trading around $30.52.
Unexpected growth, on the back of 5.4%, of China's economy in the last quarter of 2024 beat expectations that came in at 5.0%. Indeed, after consecutive slower increases-for instance, it hit 4.6% during the third quarter-it demonstrated a positive development trajectory for GDP at 5.0, according to what various government moves made to keep its economy ticking were doing to assist. Retail sales grew by 3.7% in December, while industrial production expanded by 6.2% - higher than projected. The government aims to lift the property market and also promote consumption. Analysts estimate that China's GDP growth for 2025 would be approximately 5%. Some forecasters predict that it would likely be in the 3% to 4.5% range. The statistics represent a guardedly optimistic sentiment about sustainable growth, but this growth will come amidst ongoing difficulties.
U.S. retail sales increased in December 2024 by 0.4% to about $729.2 billion, with the numbers registering a 3.9% rise every year. Core retail sales, which are made up of cars and gas excluded, advanced by 0.7%. It has shown that indeed consumers are still spending despite the increase in the inflation rate. Economists remain optimistic for 2025 as a strong job market and consumer confidence may push retail sales upward.
Trading Strategy and Key Levels for Silver
The commodity is trading above short-term (34 and 55 EMA) and long-term moving average (200- EMA) in the 4-hour chart. The near-term support is around $30 and any violation below will drag the commodity to $29.60/$29/$28.40. The immediate resistance is at $31.25 any breach above targets $31.75/$32/$32.25/$33/$35.
It is good to buy on dips in the $29.48-50 range, setting a stop-loss at $28.70 and targeting a price of $32.25/$33.
