Market analysis: Spot silver is currently expected to challenge $40 per ounce.

The strong upward trend of spot silver has brought it close to $40 per ounce, a level that may soon be breached. The market is preparing for a series of important events in the next 14 trading days, including the release of key US data and a meeting of the Federal Open Market Committee. The strength of gold remains a major driving force, benefiting from the market's growing conviction that the Fed is about to resume rate cuts, as well as the risks facing the Fed's independence. Silver is also supported by industrial demand due to its application in solar panels. Investors have taken note of this situation and are flocking to exchange-traded funds backed by silver. In August, these funds expanded for the seventh consecutive month, marking the longest period of inflows since 2020.