Silver Surges 7% This Week, Double Bottom Pattern Emerges, Future Outlook Mixed [SMM Silver Weekly Review]
[SMM Silver Weekly Review: Silver Surges 7% This Week; Double Bottom Pattern Emerges; Mixed Outlook Ahead] This week, silver prices moved up unilaterally, gaining 7.08% WoW. Weaker ADP data and US-Iran peace talks drove a pullback in rate hike expectations, but hawkish comments and cautious sentiment ahead of the non-farm payrolls limited gains. Spot supply and demand were both weak, with transactions centered around parity. Inventories edged down, while ETF holdings inched up WoW. A short-term double bottom pattern has taken shape, but the foundation for further upside remains fragile. Watch for guidance from the upcoming non-farm payrolls data.