- Silver prices have been consolidating in the main between a high of $15.79/oz and a low of $15.56/oz.
- Ahead of the FOMC minutes, silver prices are stable, oscillating around $15.65/oz.
Silver benefitted this week in a sell-off in the dollar following Powell's most recent comments which has hurt the greenback with the markets outstripping the Fed bid on expectations that their tightening cycle has come to an end.
Dollar under pressure
Today's minutes will be scrutinised for differences in the FOMC members' views on the economy to confirm whether the Fed are more than likely to go about its monetary tightening as gradually as implied by Powell last week. Today's Fed speakers certainly confirmed that narrative when Bostic and Evans spoke. Further to prior remarks earlier this week when Bostic said he currently’ sees only 1 rate hike for 2019, the central banker followed up today and said that he was open to a rate cut if downside risks were all "come to bear," and added that the policy could move in either direction. The Atlanta Fed President further explained that the Fed needed to strongly signal that it's not locked into a trajectory and US Dollar Index slumped to its lowest level since October 22 at 95.54.
Silver levels
While placed at the daily pivot point, bulls are not going down lightly. and the technical picture remains bullish beyond this period of consolidation although the indicators make for a mixed outlook considering the daily MACD has turned negative while RSI is turning lower below overbought territory. The precious metal is struggling at the double top highs through R1 which has left a near-term bearish outlook and long upside bearish shadows on the short term candlesticks. The downside swing low is located at 15.52 ahead of S2 and the supporting ascending 50 4-hr SMA and rising 10-D SMA.
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