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Silver is under pressure as the dollar rises to new highs, according to silver price predictions

Daniel Rogers

Jul 12, 2022 14:38

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The U.S. dollar is testing record highs versus a wide basket of currencies while silver is going lower at the start of the week. The main negative trigger for precious metals in recent weeks has been the strengthening dollar. At the beginning of July, the U.S. Dollar Index swiftly passed through the 105 level and tested the 108 level.

 

Treasury rates have decreased from their mid-June highs, but traders' attention has remained on the strong dollar, so this movement was insufficient to boost precious metals.

 

While the U.S. dollar is technically overbought, silver is now trading in oversold territory. While the strong dollar is one issue that puts pressure on the silver markets, it is unclear if silver will be able to recover from present levels.

 

Recession worries have also played a role in the recent swing that sent silver from the $22 level to the $19 level. Silver is sensitive to industrial demand. The U.S. economy is still doing rather well, but there is no doubt that the European economy is about to enter a recession.

 

Markets are concerned that the Fed's rapid rate increases may cause the US economy to contract. The Fed does have an opportunity to plan a "soft landing," though. If the incoming economic data shows that the American economy is slowing, silver will swiftly pick up further bearish momentum and go below the $19 mark.

 

The U.S. Inflation Rate data, which will be announced on Wednesday, should be closely watched by silver dealers. Analysts anticipate that prices rose 8.8% year over year in June.

 

If the news comes in worse than anticipated, silver will take two hits. The price of precious metals will decline as a result of the strengthening of the US dollar. Bond markets will start pricing in more interest rate increases at the same time, which will put extra pressure on precious metals. Silver should have a fair possibility of rising from present levels if the report performs better than expected. Trading may remain choppy until Wednesday since the inflation report may have a big influence on the markets.


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