Talking Points Price adds 5.1% from this week’s low as the Fed scaled back expectations of future rate hikes. ...
Talking Points
Price adds 5.1% from this week’s low as the Fed scaled back expectations of future rate hikes.
Silver is short-term overbought and might need to turn neutral before heading higher.
The trend is bullish, but it would be fair to expect silver prices to soften slightly given that price is near the October 15 2015 high of $16.23. Traders sold here in October and may do so again, particularly as price has risen by 5.1% from this week’s low of $15.21.
After a pullback, price may resume its bullish trend as the Fed is not as hawkish on rate hikes any longer and this may suggest that the USD could remain soft.
Also, if the Fed decides to allow inflation to rise without raising rates, then this may increase the demand to hedge against inflation. Silver and gold tend to be popular in these cases.
As long as the FOMC low of $15.21 holds as a support, the trend will be bullish and traders might see a pullback to the $15.57 - $15.81 range as an opportunity to buy. On a break to the FOMC low of $15.21, the technical trend turns bearish and prices may slide to the next in line support level, namely the March 3 low of 14.87.
Today’s highlight will be the University of Michigan sentiment report, which is expected to show a rise to 92.2 from 91.7, according to a Bloomberg news poll. See our economic calendar.
Price adds 5.1% from this week’s low as the Fed scaled back expectations of future rate hikes.
Silver is short-term overbought and might need to turn neutral before heading higher.
The trend is bullish, but it would be fair to expect silver prices to soften slightly given that price is near the October 15 2015 high of $16.23. Traders sold here in October and may do so again, particularly as price has risen by 5.1% from this week’s low of $15.21.
After a pullback, price may resume its bullish trend as the Fed is not as hawkish on rate hikes any longer and this may suggest that the USD could remain soft.
Also, if the Fed decides to allow inflation to rise without raising rates, then this may increase the demand to hedge against inflation. Silver and gold tend to be popular in these cases.
As long as the FOMC low of $15.21 holds as a support, the trend will be bullish and traders might see a pullback to the $15.57 - $15.81 range as an opportunity to buy. On a break to the FOMC low of $15.21, the technical trend turns bearish and prices may slide to the next in line support level, namely the March 3 low of 14.87.
Today’s highlight will be the University of Michigan sentiment report, which is expected to show a rise to 92.2 from 91.7, according to a Bloomberg news poll. See our economic calendar.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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