The price of silver has come down.
Treasury yields continue to slide on risk-off sentiment.
Oil prices have stabilized despite the prospect of a Russian sanctions deal.
Silver Price Despite yields and a softer dollar, transactions are lower. Gold traded flat but was set for its first weekly gain since mid-April as the dollar fell. The dollar has been under downward pressure as it moves to its worst week since mid-February.
Benchmark yields continue to decline amid market sell-offs. Ten-year yields have dropped by 2 basis points today. The stock fell amid higher concerns from investors about a possible recession.
Oil prices have remained stable as the deal draws to a close, with the easing of Chinese lockdown restrictions offsetting supply concerns from EU sanctions on Russian oil.
The economic calendar was light on Friday. However, investors became more concerned about economic growth and recession. Inflation concerns have weighed on earnings this week. High prices are discouraging consumer spending and slowing growth.
The softening of the dollar and rising gold prices indicate investors’ apprehension about the direction of the market. The dollar was lifted amid geopolitical uncertainty as a safe haven, but Treasury yields, consistent with inflation, led to a weakening of the dollar.
Silver prices hovered near the $ 22 level from yesterday’s one-week high. XAG / USD could not break above $ 22. A pullback in the price could indicate downward pressure if it goes below the 21.40 level. A large break below this level could lead to a bearish outlook.
Support is seen near the 10-day moving average of 21.47. Resistance is seen near the $ 22 level. Short-term momentum becomes negative because the fast stochastic may have a crossover sell signal.
The medium term momentum is positive because the histogram is positively printed with MACD (Moving Average Convergence Divergence). Its trajectory MACD The histogram is in the positive territory, which reflects an upward trend in the price movement.
This article was originally posted on FX Empire