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Silver Prices Stabilized Due to Concerns Over Ukraine's Counter-hawkish Fed Policy

Larissa Barlow

Apr 08, 2022 10:23

Tips

  • Despite mounting inflation concerns, silver prices remained stable.

  • The dollar strengthens upon the publication of the Federal Reserve's minutes.

  • Benchmark yields decreased following a week-long surge.

  • Oil prices are falling as the US and EIA pledge to release critical stockpiles.

 

Silver prices remained unchanged as mounting inflation fears fueled demand for the safe-haven metal. Benchmark rates fell today on the Fed's announcement of aggressive policy tightening. The 10-year yield reaches its highest level since March 2019 of 2.67 percent. Gold and silver prices climbed as fears of escalating inflation fueled demand for safe-haven assets. The inflation scenario contradicts the Fed's instructions to raise interest rates. Oil prices fell as EIA member states announced plans to release additional strategic reserves. This is the largest release since the stockpile was established in 1980. Analysts disagree on the extent to which the release of supply will affect market tightness.

 

For the latest week, jobless claims decreased by 5,000 to 166,000. This figure, which is the lowest since 1968, indicates the extent to which the job market tightened last week. Dow Jones estimated the figure at 200,000. The job market has been experiencing a significant scarcity of workers. Increased demand for labor has resulted in rising wages and soaring inflation.

Technical Evaluation

Silver prices remained relatively stable near the 24.6 level, as the recent sanctions against Russia continue to underpin XAG/USD. Silver, on the other hand, may suffer downward pressure to the $24.00 mark as yields rise and the dollar strengthens. Bulls may target silver in order to break through the $25 level and maintain momentum. Near the horizontal trendline near 23.6, there is support. Near the $26.00 level, resistance is located. Short-term momentum shifted negative as the fast stochastic crossed below the zero line, signaling a sell signal.

 

The medium-term momentum is positive, as indicated by the histogram's positive correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is positive but decelerating, indicating a negative trend in price movement.

 

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