We’ve experienced a fluctuating year in 2016 on silver market. The starting point was 13.918 at the beginning of the year. First nine months of 2016, the parity recorded a strong increase, but at the last weeks of the year, the general outlook was so negative on the silver market. At 24th July, the parity tested 20.443 which was the highest level of the year. But, with the last weeks of the year, the parity started to record a strong decreasing process on the market. At the end of the year, the parity decreased to under of 17.000 level.
The increase in industrial metals in the past month has not been able to positively affect the gold ratio so far so far, with the XAUXAG ratio at the 72.7 level being close to the highest since June. In general, the silver high-beta continues to be gold, which means that silver moves faster than gold in both directions. With the question of the correctness of the upward trend in 2016, silver fell below the critical support level at 16.50 USD. If inflation continues to increase, we can see that support for both metals is reestablished. However, it is not likely that the upcoming US FOMC meeting will be able to influence the demand in the short term, given the expectation that rates will increase.
When we come to the first 2017 expectations and forecasts of Silver market, there will be a common approach.
The Silver market may show some recovery signals with the starting of new year. â€‹The market may try 17.00 level as a resistance level, and the support level will be 15.75 for the first weeks of January.
- Date: 13 December 2016 Tue 03:39
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