- Silver prices ranged between $ 22.35 and $ 22.75 before returning to previous ranges.
- Upward attempts in precious metals remain limited by the strength of the USD.
- XAG / USD sinks around $ 23.50.
Silver futures have oscillated 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 is practically unchanged with bullish attempts weighted by the strength of the dollar. U.S.
Silver prices recede as the US dollar recovers
Silver and other precious metals appreciated earlier on Tuesday, fueled by risk aversion tempered by mounting concerns about the economic consequences of rising inflation. Beyond that, the negative opening of US Treasuries weighed on the US dollar, causing silver prices to rise modestly.
The precious metal’s rally, however, has been short-lived. The US dollar has rebounded, and US Treasury yields regained lost ground, and the market anticipated that the market set the price for the next QE phasing announcement by the Federal Reserve. . The US Dollar Index has bounced above 94.25 earlier today to extend to its year-to-date highs beyond 94.50.
XAG / USD: floating between $ 22.20 and $ 23.15
From a technical perspective, the pair keeps moving within a horizontal range. On the upside, the highs of Sept. 22 and Oct. 8, at $ 23.15, remain the main obstacle to extending gains toward the highs of Sept. 14, 16, at $ 24.00, and Sept. 3 high. at $ 24.87.
On the downside, immediate support is at $ 22.15 (Oct 6 low) and below here $ 21.37 (Sept 29 low) and $ 20.75 (50% Fibonacci retracement from the March to March rally. August 2020).
Technical levels
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