Silver Price Forecast: XAG/USD rises sharply to fresh three-week highs but retreated to $19.60s – by christianborjon Silver XAGUSD Metals Fed
US Treasury yields, particularly the 10-year rate, is almost unchanged at 4.046%. Hence the XAG/USD is trading at $19.60, up by 2.63%.Wall Street trimmed some of its earlier losses, though it closed in the red. US economic data reinforced the need for further Federal Reserve tightening as manufacturing activity continues to expand at the brink of entering recessionary territory, which could pressure Jerome Powell and Co. to decelerate their pace of interest-rate hikes.
Once the reports crossed newswires, the white metal retreated from three-week highs of $20.02 to just above the 100-day EMA at $19.50, which was difficult support to hurdle. From a daily chart perspective, XAG/USD is neutral-to-downward biased unless silver buyers reclaim October’s high of $21.23. Break above the latter will expose essential resistance levels, like the 200-day EMA at $21.54, which, once cleared, could send XAG/USD rallying to June high at $21.92. On the other hand, XAG/USD's first support would be the 100-day EMA at $19.50, followed by the 20-day EMA at $19.28, ahead of the 50-day EMA at $19.10.
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