Silver Price Analysis: XAG/USD dips briefly under $24.00 before recovering back above $24.50 in volatile trade By Frank_Macro Silver XAGUSD
to test key support in the form of the 200-Day Moving Average. A combination of different factors have been exerting themselves on precious metal prices, with the initial drop under $24.00 as a result of the knee-jerk reaction to positive Russo-Ukraine updates, but the more recent rally likely as a result of a pullback in yields.
With silver thus having found robust support at the $24.00 area and at its 200DMA, the bears might not be confident of continued downside going forward. Lockdowns in China, whilst they might ease energy prices, risk exacerbating global supply chain snags which might worsen the inflation problem, thus presenting an upside risk for silver. That will be key a theme to watch.
Aside from this and geopolitics, there is plenty of data this week for investors to sink their teeth into, culminating in the official jobs report on Friday. All this data should feed into the narrative of a hawkish Fed that wants to get rates back to neutral as quickly as possible and Fed rhetoric, like Patrick Harker’s most recent remarks, are also likely to reinforce this narrative.
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