The silver market is entering a decisive phase as fundamental factors and technical signals simultaneously send important signals about the upcoming trend. In the context of the weakening USD, the recovery of the Chinese economy and improved industrial demand, silver is assessed to have more momentum to continue to increase in price.
Mr. Philip Streible - Chief Market Strategist at Blue Line Futures - said that the basic foundation of the market is currently shifting in a positive direction for silver. Major geopolitical tensions have somewhat cooled down as conflicts fall into a state of stalemate, making the risk of escalation no longer a strong pressure factor on investor sentiment as before.
One of the most notable signals comes from China - the world's largest consumer of industrial metals. The country's Q1 GDP growth reached 5%, the highest level in more than a year, thereby strengthening expectations of raw material demand recovery in the near future," he said.
According to the strategist, the diễn biến of the copper market is also supporting the upward outlook for silver prices. The fact that copper prices exceeded the 6.25 USD/ounce mark is seen as a signal confirming that industrial demand is clearly improving. This is a particularly important factor because about half of silver consumption demand comes from the industrial sector, including electronics manufacturing, solar energy and high technology.
Historically, silver usually increased as copper led the industrial metal market," Mr. Streible said.
In addition, the weakening USD continues to be a strong supporting force for the precious metal group. When the greenback depreciates, assets such as gold and silver often become more attractive to global investors.
Besides the basic factors, Philip Streible believes that the technical developments of silver are also attracting great attention from traders.
In the past three sessions, silver prices have shown that buying power is still present quite strongly. After increasing from about 73 USD/ounce to above 82 USD/ounce in just two days, the market has returned to test the 78 USD/ounce support zone but did not lose this level" - Philip Streible said.
In a positive scenario, Mr. Streible believes that silver prices may head towards the next resistance level around 92 USD/ounce. Further, the long-term target is set in the 98 - 100 USD/ounce range.
Silver price update
As of 11:50 am on May 9, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.016 - 3.090 million VND/tael (buying - selling); an increase of 2,000 VND/tael in both directions compared to yesterday morning.
The price of 2025 Ancarat 999 silver bars (1kg) at Ancarat Precious Metals Company is listed at 79,480 - 81,900 million VND/kg (buy - sell).
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 3.037 - 3.131 million VND/tael (buying - selling); an increase of 15,000 VND/tael on the buying side and an increase of 16,000 VND/tael on the selling side compared to yesterday morning.
On the world market, as of 11:50 AM on May 9 (Vietnam time), the world silver price was listed at 80.31 USD/ounce; an increase of 0.23 USD compared to yesterday morning.
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