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Trends & Analysis
News

Week Ahead Preview: 20th of May

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Trends & Analysis
News

Week Ahead Preview: 20th of May

News

Walmart’s stock hits record high on Q1 results

News

Crude oil rises on US supplies, inflation data

News

Another nice quarter for NVIDIA?

News

Alibaba delivers earnings miss, shares slide

News

USD edges lower ahead of key economic reports

Asset Watch

Silver Price Corrects higher, what is Next?

 

Wednesay, October 18, 2023

Sliver price news, and analysis

• What moves the silver price currently ?
• ·The silver price U-turns to test key resistance levels

 

Silver prices are intricately tied to fluctuations in the US dollar’s value. Recently, the US dollar saw an increase due to initial market expectations of a potential interest rate hike by the Federal Reserve. However, this trend reversed as the market adjusted its stance, aligning with moderate and as-expected inflation levels. This change in perception led to an increase in silver prices, particularly after certain Fed members indicated a reduced need for interest rate hikes considering the rise in US bond yields.

It’s important to note that silver prices are influenced not only by its status as a safe-haven, akin to gold, but also by its various industrial applications, which can drive increased demand. Additionally, the ongoing geopolitical tensions in the Middle East have contributed to the rise in silver prices.

Investors are closely monitoring the upcoming speech by the Federal Reserve Chairman, anticipating insights into whether Powell’s stance aligns with his colleagues in favoring keeping interest rates unchanged in the November meeting or if he leans towards hiking rates to address the resurgence of the CPI headline, which reached 3.7% in September, slightly surpassing the expected 3.6%.

 

Sliver Price Daily Chart

 

Chart source ADSS Platform

On October 4th, the price of silver experienced a decline, dropping to a multi-month low of $20.69. Following this, the price rebounded as some traders took profits, encouraging others to join the rally. This rebound almost recovered all the price losses that occurred between the end of September and the beginning of October. Currently, the price has surged above the 50-day simple moving average and is eyeing a test of the 200-day SMA. Hence, a daily close above $23.52 may encourage traders to push the price towards $24.69. However, the resistance level at $24.10 should be considered.

Conversely, a daily close below $22.59 suggests hesitancy among bulls to rally the price, potentially prompting some bears to press towards $21.28. That said, the support level located at $22.06 should be watched closely.


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