Silver Price Forecast: XAG/USD slides below $24.00 to snap two-day uptrend as US Dollar rebounds – by anilpanchal7 Silver XAGUSD Commodities YieldCurve Coronavirus
atest weakness could be linked to the US Dollar’s mildly positive performance, as well as doubts over China’s Covid-linked optimism. prints mild gains around 104.25 by the press time as it defends the previous day’s recovery moves during the sluggish session. In doing so, the greenback’s gauge versus the six major currencies also justifies the recently mixed US data, as well as mixed concerns surrounding the Fed’s next moves.
US Good Trade Balance for November improved to $-83.3B versus $98.8B prior but the US S&P/Case-Shiller Home Price Indices for October dropped to 8.6% YoY versus 9.7% expected and 10.4% previous readings. It’s worth noting that the previously mixed readings of the US inflation and growth figures raised doubts about the Federal Reserve’s hawkish move, especially after the US central bank appeared cautiously optimistic over the rate hikes in its latest monetary policy meeting.
Elsewhere, China announced multiple measures to open national and international boundaries in a rush to convey the easing of COVID-19 fears. In doing so, the dragon nation initially ruled out the quarantine requirement for inbound travelers before stating that the nation will resume citizens' applications for ordinary passports for tourism and visits abroad from January 8, 2023.
Given the sluggish session and a light calendar, except for the US Pending Home Sales for November which holds the market consensus of 0.6% versus -4.6% previous readings, the Silver price is likely to extend the latest weakness amid firmer US Treasury bond yields.Although the double top formation near $24.30 lures Silver bears, the 21-DMA level near $23.30 restricts short-term XAG/USD downside.
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