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- Silver Price Analysis: XAG/USD falls sharply below $23.00 as US Dollar rebounds ahead of US GDP data
Silver Price Analysis: XAG/USD falls sharply below $23.00 as US Dollar rebounds ahead of US GDP data
- Silver price corrects sharply below $23.00 after recovery in the US Dollar and bond yields.
- Investors’ risk appetite improves as Israel’s ground assault in Gaza delays.
- Silver price corrects sharply after facing stiff barricades near the supply zone placed in a range of $23.67-23.80.
Silver price (XAG/USD) extended a sell-off below the crucial support of $23.00 in the last European session. The white metal drops to near $22.80 as the US Dollar and bond yields rebound sharply ahead of crucial US economic readings.
S&P500 futures added stellar gains in the London session, portraying a revival in the risk appetite of the market participants. The appeal for risk-perceived assets improves as investors start digesting the Middle East tensions. The risk-off mood eases amid as Israel’s strategy of ground assault in Gaza delays. The US urged Israel to delay the ground attack as the hostage release operation continues and dispatch humanitarian aid for Gaza civilians.
The US Dollar Index (DXY) recovered strongly after discovering buyers’ interest near 105.40 as investors shifted focus to the Q3 Gross Domestic Product (GDP) data, which will be announced on Thursday. The 10-year US Treasure yields rebounded strongly to near 4.87%.
Economists expect that the US economy grew by 4.2% in the July-September quarter on an annualized basis against the 2.1% growth rate recorded earlier. An upbeat Q3 GDP report would elevate expectations of one more interest rate hike from the Federal Reserve (Fed).
Silver technical analysis
Silver price corrects sharply after facing stiff barricades near the supply zone placed in a range of $23.67-23.80 on a two-hour scale. The white metal drops to near the 100-period Exponential Moving Average (EMA), which trades around $22.80.
The Relative Strength Index (RSI) (14) slips into the 40.00-60.00 range from the bullish range of 60.00-80.00, which indicates that the bullish momentum has faded while the bullish bias is still intact.
Silver two-hour chart
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