Silver Price Analysis: XAG/USD dives to $24.22 on Fed Powell’s comments

Silver dives from $24,85 to $24.20 after Powell’s speech.
Fed Powell confirms QE tapering and demand for metals plunge.
XAG/USD stays bullish, with the $24,85 resistance place on focus.
Silver futures have pulled lower back from stages proper under two-month highs, at $24.87, withdrawing to the $24.20 place on the again of the US dollar’s bullish response to Fed Powel’s comments.

Metal expenses die as Powell confirms QE tapering
Precious metals have became decrease on Friday, to supply away preceding gains, following Federal Reserve Chairman Powell’s remarks in a virtual appearance. Powell has established the bank’s diagram to begin rolling lower back bonds purchases however he has performed down the notion of accelerating pastime charge hikes.

The market response has preferred the dollar’s recovery, with the USD Index appreciating 0.2% after bouncing up from session lows at 93.50 to 93.75 highs, whilst Stock markets and treasured metals have became lower.

XAG/USD: stays positive, with $24.85 resistance on focus
Technical indications stay pretty tremendous on a broader view, with silver futures possibly to retest early September highs at $24.80. If that stage offers way, the pair may take a damage earlier than aiming in the direction of $25.20 (August 3, four lows) and April’s top, at $26.00.

On the downside, instant aid lies at 24.10 (October 21 low) and beneath here, trendline assist from late-September lows, now round $23.40, keep the effective trend. Below here, bears may obtain momentum and pull the pair to $23.00 (October 18 low) and 22.20/35 (October 6 and 12 lows).

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