10月23日白银晚评：“小非农”数据失去访问渠道 银价向上拉升

Core Insights - The current trading environment for silver shows significant volatility, with prices fluctuating between $47.88 and $49.31 per ounce, indicating a potential for both upward and downward movements in the near term [1][5]. Market Data - As of October 23, 2025, the latest prices for silver are as follows: - Spot silver: $49.26 per ounce - Silver T+D: ¥11,463 per kilogram - Paper silver: ¥11.288 per gram - Shanghai silver futures: ¥11,467 per kilogram [2]. Economic Analysis - The U.S. September CPI data is expected to show a growth rate similar to August, with energy prices rising by 0.7% in August and likely continuing to increase in September. Core CPI is projected to reach a monthly rate of 0.3%, rounding to 0.4%, with both overall and core CPI annual rates close to 3.0%, exceeding the Federal Reserve's target by one percentage point [3]. - The Federal Reserve has lost access to timely employment data from ADP, which has historically provided a comprehensive dataset covering 20% of the private sector workforce. This loss may impact the Fed's ability to gauge the labor market accurately [3][4]. Trading Strategy - Silver prices have shown slight upward movement due to stable support at $47.80, with bullish momentum indicated by the relative strength index. However, prices remain under negative pressure due to trading below the 50-day EMA, suggesting a potential for a sharp bearish correction in the short term [5]. - Key resistance levels for silver are identified at $50.00 and $49.00, while support levels are at $46.00 and $45.00 [5].