During the Asian trading session on Tuesday (December 16), the US Dollar Index hovered around 98.298. Spot silver opened at $64.07 per ounce and is currently trading near $63.55. Meanwhile, silver T+D traded around 14,796 yuan/kg, and the Shanghai silver futures contract was near 14,806 yuan/kg. Market focus today includes US November unemployment data, non-farm payrolls, and October retail sales figures.
On Monday (December 15), the US Dollar Index fell 0.12% to close at 98.276. Spot silver surged 3.28% to settle at $64.04 per ounce, benefiting from a weaker dollar and declining Treasury yields. Gold briefly reclaimed $4,350 before retreating over $60, while silver prices approached historical highs. Other precious metals also gained: spot gold rose 0.11% to $4,304.30, platinum increased 2.26% to $1,784.60, and palladium jumped 5.73% to $1,572.50 per ounce.
Key Data Updates: - COMEX silver inventories rose 37.34 tons to 14,138.42 tons on December 15. - Silver ETF holdings decreased by 42.3 tons to 16,102.9 tons. - The deferred compensation fee direction for Ag(T+D) showed longs paying shorts.
Market Highlights: 1. Fed Chair nomination tensions escalated as Trump allies reportedly oppose Kevin Hassett over concerns about his close ties to the former president. 2. New York Fed President Williams noted slowing employment and easing inflation risks support December rate cuts, though future moves remain uncertain. Boston Fed President Collins cited changing inflation outlooks, while Governor Michelle Bowman warned current policy may be overly restrictive. 3. Diplomatic sources indicate US negotiators in Berlin demanded Ukraine cede Donbas territory in exchange for NATO Article 5-style security guarantees. Ukrainian President Zelensky called talks productive but acknowledged territorial disagreements with Washington. Former President Trump claimed a "peace deal" is closer than ever.
Technical Analysis: Silver opened slightly lower at $61.716 on Monday before dipping to $61.507. Prices then rallied sharply to $64.16 before settling at $64.071, forming a bullish candlestick with a longer lower shadow. Traders holding long positions from $37.8 and $38.8 (currently at $53) should maintain stops at $56 after partial profit-taking at $50.75 and $52.7. Early session resistance appears at $64.7 with suggested stops above $65, targeting $64, $63.3, and $62.5-$62.8.
Key Risk Events Today: - European economic indicators including UK unemployment (15:00), Eurozone PMIs (16:15-17:30), and German ZEW sentiment (18:00). - US labor market data (21:30) featuring November unemployment, non-farm payrolls, and wage growth. - Retail sales and PMI figures (21:30-22:45), followed by Canadian central bank head Macklem's speech (01:45 next day).
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