Silver Price Forecast: XAG/USD falls below the 50% Fibo, though a golden cross looms By christianborjon Silver XAGUSD Macroeconomics Fed Technical Analysis
The market sentiment dampened as peace talks between Russia and Ukraine remained stuck.Fed’s Waller: Current data “is basically screaming at us to go for 50 basis points.” slides as the weekend looms in the New York session, down 1.19% amid a risk-off mood that strikes the market, with European and US equities trading with losses, courtesy of mixed signals from peace talks between Russia and Ukraine. At $25.11, XAG/USD does not reflect the safe-haven status of the white metal.
In the US, the Fed hiked rates on Wednesday 25 basis points. Now that the blackout period ended, the only dissenter which pushed for a 50 bps hike, St. Louis President Bullard, said that he wanted the Fed to implement a balance-sheet reduction and recommended the committee to achieve a level of rates above 3% in this year.
Late in the same tone, Fed Governor Christopher Waller said that he prefers greater rate hikes and would favor “50 basis points at one or multiple meetings in the near future.” Furthermore, he noted that current data “is basically screaming at us to go for 50 basis points,” though the Russia-Ukraine conflict calls for caution.featured Existing Home Sales for February came at 6.02M lower than the 6.1M foreseen, while the Consumer Board Leading Index rose by 0.3%, higher than the 0.2% estimated.
and the moving averages, with the 50-DMA about to cross over the 200-DMA, forming a golden cross with bullish implications. However, the RSI at 54.08, aiming low, suggests that XAG/USD might print another leg down before resuming the uptrend. XAG/USD’s first resistance is the 50% Fibonacci level at $25.39. Breach of the latter would expose the 38.2% Fibonacci at $25.76, followed by the August 4, 2021 high at $26.00 and the YTD high at $26.94.
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