COMEX Silver Continues to Fluctuate, Market Sentiment Remains "Panic"
Source: Gold Investment Network
Today, Thursday (March 12) during the Asian session, COMEX silver is currently trading below the 85.91 level. It opened today at $86.06/oz. As of press time, comex silver is temporarily reported at $85.47/oz, down 0.51%, with a session high of $86.06/oz and a low of $84.06/oz. For now, comex silver shows a short-term bearish tendency in the intraday market.
The International Energy Agency (IEA) announced on Wednesday (March 11) that its 32 member states will coordinate the release of 400 million barrels of strategic oil reserves, marking the largest emergency release in the agency's history.
However, oil prices rose instead of falling: during Thursday's Asian session, US crude oil prices fluctuated higher, currently trading near $92.80 per barrel, with an intraday increase of about 6.4%. The market is evidently skeptical about the effectiveness of the release, believing it cannot truly offset the supply shock caused by any disruption in the Strait of Hormuz.
The largest release action in IEA history itself is seen as a strong signal of the severity of the supply crisis. The market views this as an indication that institutions do not believe the US-Iran war will end soon.
Market sentiment remains in "panic mode," with geopolitical uncertainty and supply gap concerns dominating pricing. The IEA's action is seen as a "signal rather than a solution."
Silver is showing greater weakness, with the gold-silver ratio rising to around 60:1, indicating that industrial demand for silver is more evidently squeezed by high oil prices in the short term. On the daily chart, silver prices are currently near the middle band of the Bollinger Bands, which are showing signs of narrowing, suggesting that the forces of bulls and bears are relatively balanced and the market may continue a range-bound movement in the short term. The Relative Strength Index (RSI) is currently near 50, also indicating a relatively balanced market. Watch for support at $84.00 or $82.50 below, and resistance at $86.80 or $88.40 above.
Editor: Zhu Henan
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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