Silver price (XAG/USD) prints a fresh weekly low near $22.50 amid caution ahead of speeches from Federal Reserve (Fed) policymakers this week.
Silver price has refreshed weekly low near $22.50 as the status of Middle East tensions remains unchanged. The appeal for the risk-sensitive assets diminished as investors awaited Powell’s speech. Silver price demonstrates a sideways performance in a range of $22.45-23.70. The white metal faces a sell-off amid sustained buying in the US Dollar amid caution that resilience in the US economy could force policymakers to lean towards raising interest rates further.
Israeli Prime Minister Benjamin Netanyahu said that his administration is open to a little pause to the ground invasion in Gaza but not to a general ceasefire. Silver technical analysis Silver price demonstrates a sideways performance in a range of $22.45-23.70 on a four-hour scale, signaling a sharp contraction in volatility. The 200-period Exponential Moving Average at $22.85 continues to provide support to the Silver price bulls. The Relative Strength Index oscillates in the 40.00-60.
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