CandleFocus Silver price forms a bullish pattern as SLV ETF inflows rise
2024-11-04
Author: Content Editor
The price of silver experienced a slight drop from its recent high but remains higher than its pandemic low. Despite this, investors continue to invest in the iShares Silver ETF (SLV), with the fund seeing significant inflows. This is likely due to the fact that silver is an important metal used in the manufacturing of solar panels, and there is ongoing investment in clean energy. However, the global manufacturing sector is under pressure and the IMF has downgraded the outlook for global GDP. Two key catalysts for the silver price in the upcoming week will be the Federal Reserve's interest rate decision and the outcome of the US election. The weekly chart for silver shows a potential continuation of the uptrend, with a bullish breakout confirmation if it breaks above $34.87.
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