SILVER Price Consolidates Below $24.00 Amid Elevated USD Index
The price of silver is currently consolidating below the $24.00 mark, largely influenced by the elevated USD Index. As the US markets reopen after an extended weekend, a cautious market sentiment is observed in the foreign exchange (FX) domain.
The USD Index has remained relatively subdued, with varied reactions to the Federal Reserve's interest rate guidance. In the early European session, silver prices (XAG/USD) have experienced a downward movement, breaching the crucial support level of $24.00. This decline has occurred amidst a lack of significant economic indicators expected this week.
In the European session, S&P500 futures have extended the losses seen in the Asian markets. With the US markets reopening, traders approach the market with caution. The US Dollar Index (DXY) has encountered some resistance around 102.60, but its upward momentum has not waned. Additionally, US Treasury yields are displaying resilience, as the 10-year yields have experienced a notable increase, surpassing 3.8%.
The USD Index has remained relatively quiet due to different responses to the Federal Reserve's interest rate guidance. Market participants are hopeful that the dim economic outlook in the US may compel the Fed to revise its stance and limit rate hikes to just one this year. The labor market conditions in the US have shown signs of strain, with weekly jobless claims consistently rising and the Unemployment Rate climbing to 3.8%.
Austan Goolsbee, the President of the Chicago Fed Bank, commented on the conflicting data regarding whether the economy is overheating or if sufficient measures have been taken. He further noted that although the labor market appears to be strong, working hours are declining. Given these factors, there is a search for a potential bearish setup in the market.
The USD Index has remained relatively subdued, with varied reactions to the Federal Reserve's interest rate guidance. In the early European session, silver prices (XAG/USD) have experienced a downward movement, breaching the crucial support level of $24.00. This decline has occurred amidst a lack of significant economic indicators expected this week.
In the European session, S&P500 futures have extended the losses seen in the Asian markets. With the US markets reopening, traders approach the market with caution. The US Dollar Index (DXY) has encountered some resistance around 102.60, but its upward momentum has not waned. Additionally, US Treasury yields are displaying resilience, as the 10-year yields have experienced a notable increase, surpassing 3.8%.
The USD Index has remained relatively quiet due to different responses to the Federal Reserve's interest rate guidance. Market participants are hopeful that the dim economic outlook in the US may compel the Fed to revise its stance and limit rate hikes to just one this year. The labor market conditions in the US have shown signs of strain, with weekly jobless claims consistently rising and the Unemployment Rate climbing to 3.8%.
Austan Goolsbee, the President of the Chicago Fed Bank, commented on the conflicting data regarding whether the economy is overheating or if sufficient measures have been taken. He further noted that although the labor market appears to be strong, working hours are declining. Given these factors, there is a search for a potential bearish setup in the market.
거래청산: 타겟 닿음:
🏆 Not BAd...
거래청산: 타겟 닿음:
✅ TELEGRAM CHANNEL: t.me/+VECQWxY0YXKRXLod
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: www.instagram.com/forexn1_com/
🔥 UP to 4000$ BONUS: forexn1.com/broker/
🔥 USA ZERO SPREAD BROKER: forexn1.com/usa/
🟪 Instagram: www.instagram.com/forexn1_com/
