After posting a 47% gain in 2020, Silver prices are currently within a range as traders await a fresh fundamental spark to ignite the precious metals next big move.
On Thursday, U.S. President-elect Joe Biden unveiled a $1.9 trillion stimulus package proposal to jump-start the economy and accelerate coronavirus vaccinations.
Elsewhere, Federal Reserve Chairman Jerome Powell said there is no reason to alter the central bank's highly accommodative stance with the U.S. economy still far from its inflation and employment goals.
Short-term headwinds aside, the fundamental backdrop for the precious metals complex remains extremely bullish in the long-term.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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Editors’ Picks
EUR/USD stays near 1.0800 after upbeat US data
EUR/USD stays under modest bearish pressure and trades near 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.