• Silver prices hovered between $ 22.35 and $ 22.75 before falling back to previous ranges.
  • Attempts to surge precious metals remain limited by strength of US dollar
  • XAG / USD treading around $ 23.50.

Silver futures hovered between $ 22.35 and $ 22.75 on Tuesday, to consolidate near $ 22.60 during the US trading session. On the daily chart, the precious metal remains largely unchanged with attempts to rise weighted by the strength of the US dollar

Silver prices retreat as the US dollar rebounds

Silver and other precious metals appreciated earlier on Tuesday, fueled by moderate risk aversion amid growing concerns about the economic consequences of soaring inflation. Beyond that, the negative opening of US Treasury bonds weighed on the US dollar, causing silver prices to rise slightly.

The rally in the precious metal, however, was short-lived. The US dollar rebounded as US Treasury bond yields regained lost ground, with the market anticipating the market to anticipate the upcoming announcement of an easing of quantitative easing by the Federal Reserve. The US dollar index rebounded above $ 94.25 earlier today to expand to year-to-date highs above 94.50.

XAG / USD: hover between $ 22.20 and $ 23.15

From a technical standpoint, the pair continues to move in a horizontal range. On the upside, the September 22 and October 8 highs at $ 23.15 remain the main obstacle to extending gains to the September 14-16 highs at $ 24.00 and the September 3 at $ 24.87.

On the downside, immediate support is at $ 22.15 (October 6 low) and below here, $ 21.37 (September 29 low) and 20.75 (50% Fibonacci retracement of the rally. from March-August 2020.

Technical levels to watch

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