Silver trades 2% higher and is top performing precious metal today
Silver is the best performing precious metal today. High EURUSD levels as well as solid outlook for industrial metals are the main drivers behind recent moves. However, it should be noted that industrial metals prices, like copper or iron ore, have stabilized as of late while silver tries to bounce higher from a midpoint of a wide consolidation range.
Lower limit of the trading range can be found at $22-23 per ounce while the upper limit is set at around $25.50 per ounce. Silver has been outperforming gold for some time, what has been reflected in ETF activity as well seasonal trends. Seasonal patterns hint that upward move may be extended into mid-January.
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Following a few days of lower volatility, silver is once again one of the top performing commodities. Seasonal patterns hint at continuation of an upward move. Source: xStation5
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