SILVER PRICE ANALYSIS: XAG/USD RECOVERY ATTEMPTS REMAIN LIMITED BELOW $23.00
- Silver remains under pressure, with upside attempts limited below $23.00.
- The Dollar is showing muscle with investors awaiting the US Retail Sales report.
- XAG/USD: Below $22.50 bearish momentum will increase.
Silver (XAG/USD), is trading lower for the second consecutive day on Wednesday. The US Dollar remains bid with investors scaling back hopes of Fed easing in 2024 and risk-averse trading, which is acting as a headwind for precious metals.
Fed Governor Christofer Waller discarded any rate cut as long as inflation remains at “striking distance” to the bank’s 2% target, which cast further doubt on investors’ hopes of a major policy shift.
The focus today is on the US Retail Sales. Consumption is expected to have improved in December adding to evidence that the economy remains resilient and strengthening the US-Dollar supportive soft landing narrative.
Somewhat later an array of Fed policymakers will meet the press, likely to strengthen the “higher for longer “ rhetoric
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.