12月3日白银晚评：白银受阻59美元关口 今晚ADP数据成焦点

Core Viewpoint - Silver prices are stabilizing around $58 per ounce, supported by tightening supply and expectations of further interest rate cuts by the Federal Reserve [2][3]. Group 1: Silver Price Movement - As of December 3, 2025, spot silver is trading at $58.06 per ounce, with a year-to-date increase of approximately 100% [2]. - The highest price reached today was $58.94 per ounce, while the lowest was $57.52 per ounce [1]. Group 2: Market Dynamics - The increase in silver prices is attributed to a tightening supply and strong demand, as evidenced by a 200-ton increase in silver-backed ETFs, reaching the highest total holdings since 2022 [2][4]. - Record inflows of silver into London last month have contributed to supply constraints in other hubs [2]. Group 3: Federal Reserve Expectations - The market widely anticipates a 25 basis point rate cut by the Federal Reserve next week, with three additional cuts expected next year [3]. - Weak economic data is likely to bolster bets on rate cuts, which typically benefits silver prices [4]. Group 4: Trading Strategy - Recent attempts to maintain silver prices above the resistance level of $58.60-$58.80 have lost momentum, indicating an increased risk of a pullback [5]. - A drop below $56.50 could lead silver prices to approach support levels of $52.60-$52.80 [5].