- Silver has the worst day since late September amid stronger USD ahead of the FOMC.
- XAG / USD is again below the 20-day moving average.
La plata (XAG / USD) it’s dropping significantly on Tuesdays, even as gold prices drop only marginally. It recently bottomed at $ 23.38, the lowest level since October 19.
The metal remains near the lows, under pressure and falling 2.61% during the day, the worst day since September. The sharp drop pushed the price below the 20-day moving average and is testing the 55-day moving average.
The extension of the reversal from levels close to $ 25.00 that it reached two weeks ago deteriorated the technical outlook. Below $ 23.40, the next support is seen at $ 23.15 and then $ 22.80.
On the upside, $ 23.75 is the immediate resistance, followed by $ 23.95 and $ 24.10. A rally above $ 24.00 should ease the bearish momentum and could even be a sign of more gains down the road.
Despite the current technical factors, Wednesday’s FOMC meeting could be a market engine triggering sharp moves in metals, particularly gold. The yellow metal is below $ 1,790 / oz, losing 0.26%.
XAG / USD daily chart
Technical levels
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