Silver Price Forecast: XAG/USD braces to $23.00 amid rising US T-bond yields and real-yields By christianborjon Silver XAGUSD Metals Commodities
week, silver is up close to 2%, but the upward move stalled ahead of challenging the 100-day moving average at $23.19.
Overall, US dollar strength surrounds the financial markets, as shown by US Treasury yields. The US T-bond 10-year benchmark note is at 1.96%, rises four and a half basis points, a headwind for the non-yielding metal. Meanwhile, US 10-year TIPS yield, a proxy for real yields, climbs four basis points, up to -0.448%, weighing on the prices of precious metals. , a gauge of the greenback’s value against a basket of peers, rises 0.22%, up at 95.61.
The lack of catalyst keeps investors focused on tightening monetary policy and inflation in the US central bank. On Thursday, the Labor Department will reveal the for January, widely expected to rise to 7.3%, leaving December’s 7% behind. Excluding volatile items, like food and energy, the so-called Core-CPI is foreseen at 5.9%, both readings on an annual basis.
The US economic docket featured the Trade Balance for December, which came at $-80.7 B, better than the $-83 billion estimated. Exports increased $4 B more than the $224.7 B in December, while Imports also grew to $308.9 B, from $304 B.On Monday, XAG/USD broke above the 50-day moving average , but it faced strong resistance at the $23.00 figure. Nevertheless, the rally broke four resistance levels on its way up, as XAG bulls get ready for a challenge of the 100-DMA at $23.19.
Silver is neutral-bullish biased. A breach of the 100-DMA could send the non-yielding metal upwards. The first resistance would be January 3 high at $23.40, followed by a tenth-month-old downslope trendline, around the $24.00-$24.20 range.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Analysis: XAG/USD bulls looking to seize control, await a move beyond $23.00Silver Price Analysis: XAG/USD bulls looking to seize control, await a move beyond $23.00 By HareshMenghani Silver Commodities Technical Analysis XAGUSD
Read more »
Box Office: ‘Jackass Forever’ Gets Last Laugh With $23.5M OpeningThe R-rated slapstick comedy easily out-grossed Roland Emmerich's big-budget 'Moonfall,' which crashed to earth in its box office launch.
Read more »
Gold Price Forecast: XAU/USD grinds higher following US NFP report, steady around $1816Gold (XAU/USD) climbs in the North American session, despite US T-bond yields shooting through the roof after the US Nonfarm Payrolls report smashed e
Read more »
Silver Price Analysis: XAG/USD bulls looking to seize control, await a move beyond $23.00Silver Price Analysis: XAG/USD bulls looking to seize control, await a move beyond $23.00 By HareshMenghani Silver Commodities Technical Analysis XAGUSD
Read more »
Forex Today: Dollar gains traction on rising US T-bond yieldsHere is what you need to know on Tuesday, February 8: The benchmark 10-year US Treasury bond yield continues its march toward the key 2% mark early Tu
Read more »
Gold Price Forecast: XAU/USD bulls attack 200-SMA as yields retreatGold (XAU/USD) stays mildly bid around $1,810, extending Friday’s rebound amid the early Monday morning in Europe. While the US dollar’s lack of abili
Read more »