Silver price (XAG/USD) refreshes weekly high near $23.20 as inflation in the United States softened at a higher pace in October. The white metal strengthens on hopes that the Federal Reserve (Fed) will not raise interest rates further.
S&P500 futures added some gains in the Tokyo session, portraying a significant improvement in the risk appetite of the market participants. US equities were heavily bought on Tuesday as inflation eased more than expectations.
The US Dollar Index (DXY) trades near a two-month low around 104.00 amid steady progress in inflation declining towards 2%. The headline inflation eased significantly in October as global oil prices fell sharply due to easing Middle East tensions.
Silver price recovered strongly after discovering buying interest near 61.8% Fibo retracement (plotted from October 4 low around $20.70 to October 20 high at $23.70) at $21.86. The white metal trades above the 200-period Exponential Moving Average (EMA), which indicates that the near-term trend has turned bullish.
The Relative Strength Index (RSI) (14) shifts into the bullish range of 60.00-80.00, which indicates that the bullish impulse has been triggered.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.