Friday, October 22, 2021


XAG/USD dives to $24.22 on Fed Powell’s feedback

Silver dives from $24,85 to $24.20 after Powell’s speech. Fed Powell confirms QE tapering and demand for metals plunge. XAG/USD…

By Staff , in Silver , at October 22, 2021


  • Silver dives from $24,85 to $24.20 after Powell’s speech.
  • Fed Powell confirms QE tapering and demand for metals plunge.
  • XAG/USD stays bullish, with the $24,85 resistance space on focus.

Silver futures have pulled again from ranges proper beneath two-month highs, at $24.87, retreating to the $24.20 space on the again of the US greenback’s bullish response to Fed Powel’s feedback.

Metallic costs die as Powell confirms QE tapering

Treasured metals have turned decrease on Friday, to offer away earlier positive aspects, following Federal Reserve Chairman Powell’s feedback in a digital look. Powell has confirmed the financial institution’s plan to begin rolling again bonds purchases however he has performed down the concept of accelerating rate of interest hikes.

The market response has favored the greenback’s restoration, with the USD Index appreciating 0.2% after bouncing up from session lows at 93.50 to 93.75 highs, whereas Inventory markets and valuable metals have turned decrease.

XAG/USD: stays constructive, with $24.85 resistance on focus

Technical indicators stay pretty constructive on a broader view, with silver futures more likely to retest early September highs at $24.80. If that degree offers means, the pair may take a break earlier than aiming in the direction of $25.20 (August 3, 4 lows) and April’s prime, at $26.00.

On the draw back, fast help lies at 24.10 (October 21 low) and beneath right here, trendline help from late-September lows, now round $23.40, preserve the constructive pattern. Beneath right here, bears may acquire momentum and pull the pair to $23.00 (October 18 low) and 22.20/35 (October 6 and 12 lows).

Technical ranges to look at

 

 



Source link

Comments