Silver price trades cautiously near $30.00 as global market sentiment remains risk-averse following a sell-off in technology stocks. The US Dollar surges, and bond yields rise, potentially capping silver's upside.
Silver price (XAG/USD) trades cautiously near the $30.00 level in Tuesday's European session, striving to hold its ground amidst a volatile global market. A recent sell-off in technology stocks worldwide has driven up the appeal of the US Dollar, while US bond yields rise as investors anticipate the Federal Reserve to maintain its current interest rate stance.
The white metal's price has recovered some of its intraday losses, but the overall market sentiment remains risk-averse due to concerns surrounding Chinese AI advancements and their potential impact on dominant chatbot providers. Technically, precious metals like silver often benefit from heightened market risk. However, the significant surge in the US Dollar and bond yields has capped the upward potential of silver prices. The US Dollar's safe-haven status has strengthened considerably following the technology sector sell-off, pushing the US Dollar Index (DXY) close to 108.00. Meanwhile, 10-year US Treasury yields have climbed towards 4.56% ahead of the Federal Reserve's monetary policy announcement scheduled for Wednesday. The CME FedWatch tool strongly suggests the Fed will announce a temporary halt to its policy-easing cycle and keep interest rates unchanged within the 4.25%-4.50% range. Market participants are closely watching for clues from Fed Chair Jerome Powell's press conference regarding the duration of this interest rate pause and the potential impact of President Donald Trump's proposed tariffs on both monetary policy and the overall economy.From a technical perspective, silver price faces resistance near the 50-day Exponential Moving Average (EMA) around $30.40. Further upward movement is hindered by an upward-sloping trendline around $30.90, extending from the February 29, 2024 low of $22.30. However, silver's broader outlook remains positive as it trades above the 200-day Exponential Moving Average (EMA) at approximately $29.50. The 14-day Relative Strength Index (RSI) oscillates within the 40.00-60.00 range, indicating a sideways trend.
SILVERPRICE US DOLLAR BOND YIELDS FEDERAL RESERVE TECHNOLOGY SECTOR MARKET SENTIMENT
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