- Silver prints mild gains inside a small range.
- Market sentiment dwindles amid indecision over Fed’s next moves, inflation fears.
- US dollar extends Friday’s NFP-led weakness amid mixed concerns.
- Covid, China become extra catalysts to follow for fresh impulse.
Silver prices trade sidelined around $28.90, up 0.07% intraday, amid Tuesday’s Asian session. The white metal is consolidating the previous week’s losses during the three-day uptrend by the press time.
The US dollar weakness and hopes of economic recovery could be cited as the key reasons behind silver’s latest uptrend. The commodity prices gained traction to the north after the US Nonfarm Payrolls data, published Friday, helped the Fed to defend its easy-money policies.
In addition to the inverse correlation with the US dollar (USD), hopes of the economic recovery, backed by faster vaccinations, also help silver as it has a notable industrial usage. Also, chatters that the prices of the bullion are comparatively less high than the gold put a bid under the quote.
On the contrary, doubts over the unlock in the UK, Japan and India join the Western tussles with China, recently relating to covid origin and trade ties with Australia, probe silver buyers. Furthermore, a lack of major data/events and cautious mood ahead of the next Thursday’s US Consumer Price Index (CPI) and the ECB monetary policy meeting also weigh on the market sentiment and test the metal bulls.
It’s worth noting that the sluggish moves of the US Treasury yields and downbeat stock futures confuse the USD traders and help silver indirectly.
Moving on, sluggish sessions are likely to keep the metal prices under check ahead of Friday. However, news over the Fed’s next move and inflation, not to forget covid and China, could entertain market players meanwhile.
A clear upside break of the one-week-old falling trend line favors silver buyers to aim for a $28.25-30 area’s revisit.
Additional important levels
|Today last price||27.9|
|Today Daily Change||0.02|
|Today Daily Change %||0.07%|
|Today daily open||27.88|
|Previous Daily High||27.95|
|Previous Daily Low||27.48|
|Previous Weekly High||28.56|
|Previous Weekly Low||27.01|
|Previous Monthly High||28.75|
|Previous Monthly Low||25.81|
|Daily Fibonacci 38.2%||27.77|
|Daily Fibonacci 61.8%||27.66|
|Daily Pivot Point S1||27.59|
|Daily Pivot Point S2||27.3|
|Daily Pivot Point S3||27.12|
|Daily Pivot Point R1||28.06|
|Daily Pivot Point R2||28.24|
|Daily Pivot Point R3||28.53|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.