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Silver Prices Face Downward Pressure Due to the Prospects of a Hawkish Fed and Uncertainty Regarding China's Lockdown

Drake Hampton

Apr 26, 2022 10:28

Silver prices have fallen as a result of the broader commodity sell-off. The dollar gained strength versus all major currencies as prospects for Fed tightening increased. Benchmark rates fell substantially today, following a spike at the end of last week in response to fears over China's covid shutdowns.

 

Gold prices fell to April lows around $1900 on forecasts of rate increases and a strong dollar. Oil prices fell as demand concerns arose as a result of China's Covid crisis.

 

Oil prices also fell as a result of a strong dollar, which makes commodities more expensive for holders of foreign currencies. Due to the Russian supply problem and Libyan supply disruptions, the oil market experienced tight supply conditions.

 

Bullard, president of the St. Louis Federal Reserve, suggested that a 75-basis-point rate hike may be necessary to tackle runaway inflation. While some policymakers have suggested that a greater rate hike would be detrimental to the economy, market participants have approved it.

 

Investors remain focused on Friday's release of the March Personal Consumption Expenditures Index, a key inflation indicator. Jerome Powell, chairman of the Federal Reserve, suggested that a 50-basis-point rate hike was expected in May.

Technical Evaluation

Silver prices fell 2.5 percent Thursday, below the 200-day moving average's major resistance level of 23.85. Silver prices will continue to decline as a result of the prospect of a 50-basis-point rate hike and may hit the December 2021 lows near the 21.4 level. Silver prices are harmed by hawkish Fed tightening.

 

Support is located near the $22.776 200-day moving average. Resistance is located near the $24.92 50-day moving average. Short-term momentum is negative but is turning positive following a crossover of the fast stochastic, which may indicate a crossover sell signal.

 

The medium-term momentum has shifted to the downside, as evidenced by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative, indicating a downward trend in price movement.

 

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