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11 Jan 2024

Silver Price Analysis: XAG/USD falls below $23 after stubbornly higher US Inflation report

  • Silver price skids below $23.00 as US Inflation remains stubbornly higher-than-projected.
  • Monthly headline and core inflation grew by 0.3%.
  • The argue in favour of keeping a restrictive policy stance would get strengthen ahead.

Silver price (XAG/USD) drops sharply as the United States Bureau of Labor Statistics (BLS) has reported a hotter-than-projected inflation report for December. The monthly highly inflation was up by 0.3% against the consensus of 0.2% and the former reading of 0.1%. Annually, inflation rose strongly by 3.4% versus. the expectations of 3.2% and the prior release of 3.1%.

The monthly core Consumer Price Index (CPI) grew at a steady pace of 0.3% as anticipated. On an annual basis, the underlying inflation decelerated slightly to 3.9% against 4.0% in November while investors projected a sharp deceleration to 3.8%.

A stubbornly higher US inflation indicates that Federal Reserve (Fed) should not rush for cutting interest rates and would allow them to maintain a restrictive policy stance atleast for the first-half.

On Wednesday, New York President John Williams supported for interest rates remaining higher as more work is needed to get inflation back to 2% target. John Williams said it will only be appropriate to unwind restrictive monetary policy stance only when the Fed is confident that inflation is moving toward 2% on a sustained basis.

Meanwhile, the US Dollar Index (DXY) rises to 102.70 as bets supporting rate cuts by the Fed in March have dropped. The 10-year US Treasury yields have climbed to near 4.05%.

Silver technical analysis

Silver price demonstrates a back-and-forth move around $23.00 on a two-hour scale. The white metal is expected to get direction as investors reconsider bets supporting rate cuts in March. Horizontal support plotted from December 13 low at $22.51 will act as a major cushion for Silver bulls. The broader appeal seems bearish as the asset is trading below the 200-day Exponential Moving Average (EMA).

The Relative Strength Index (RSI) (14) oscillates in the 40.00-60.00 range, which indicates a lacklustre performance.

Silver two-hour

 

 

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