Market Overview - The US dollar index is trading around 99.466, while spot silver opened at $53.31/oz and is currently around $53.16/oz. Silver T+D is trading at approximately 12,396 CNY/kg, and the main Shanghai silver contract is around 12,430 CNY/kg [1] - On November 26, the US dollar index fell by 0.24% to close at 99.569. Spot silver rose by 3.60% to $53.31/oz, driven by increased market expectations for a Federal Reserve rate cut in the upcoming meeting. Spot gold also reached a one-week high, rising by 0.79% to $4,162.35/oz, while platinum and palladium prices increased by 2.18% and 2.59%, respectively [1] Silver Market Data - The SLV silver ETF holdings remain unchanged at 15,582.33 tons compared to the previous trading day [2] - On November 26, the direction of the deferred compensation payment for Ag (T+D) was from short to long [2] Economic Indicators - The US initial jobless claims for the week ending November 22 were recorded at 216,000, lower than the expected 225,000 and the revised previous value of 222,000, marking the lowest level since April 12, 2025 [3] - The Federal Reserve's Beige Book indicates that US economic activity has remained stable in recent weeks, with overall consumer spending declining further, except for high-end consumers. The employment market has shown slight weakness, while price levels continue to rise moderately [3] Silver Price Analysis - The silver market opened at 51.422, experienced a pullback to 51.264, and then saw a strong upward trend, reaching a daily high of 53.385 before closing at 53.33. This bullish pattern suggests continued demand for upward movement, with support levels at 37.8 and 38.8, and targets set at 53.3, 53.7, and 54-54.2 [4]

Group 1 - The price of December gold futures reached a historical high of $4263.40 per ounce, driven by ongoing safe-haven demand and technical buying [1] - Short-sellers in the gold market are choosing to remain on the sidelines, avoiding aggressive positions [1] Group 2 - U.S. Treasury Secretary Yellen indicated that if China suspends its strict new export controls on rare earth elements, the U.S. may extend the pause on tariffs on Chinese goods for more than three months [2] - The latest Federal Reserve Beige Book reported that U.S. economic activity has remained stable, with employment levels generally steady, but consumer spending has slightly declined amid rising prices [2] - There are mixed views on economic growth prospects, with some respondents expecting demand to rebound in the next 6 to 12 months, while others cite risks such as prolonged government shutdowns [2] Group 3 - The bullish sentiment in December gold futures is currently strong, with the next target for bulls being to push prices above the key resistance level of $4300.00 [3] - The first resistance level is at $4275.00, with further resistance at $4300.00; the first support level is at the overnight low of $4214.50, with additional support at $4200.00 [3]

Core Insights - The Federal Reserve's Beige Book indicates that recent economic activity in the U.S. has remained relatively unchanged, with overall employment levels stable [1] - Consumer spending has slightly declined, while prices continue to rise, with several Federal Reserve districts reporting an acceleration in input cost increases [1] - The report highlights that cost increases driven by tariffs have been reported across many districts, but the extent to which these higher costs are passed on to final prices varies [1] Economic Activity - Economic activity in the U.S. has not shown significant changes in recent weeks [1] - Employment levels are reported to be stable overall [1] Consumer Spending - There has been a slight decline in overall consumer spending [1] Price Trends - Prices are continuing to rise, with several districts noting an increase in input costs [1] - The transmission of higher input costs to final prices varies across different regions [1] Tariff Impact - Input cost increases attributed to tariffs have been reported in many Federal Reserve districts [1]