Silver Price Forecast: XAG/USD struggles to extend gains above $22.60 ahead of Fed policy Silver XAGUSD Fed Inflation DollarIndex
ailed to extend recovery as investors are uncertain about Wednesday’s interest rate decision by the Federal Reserve . Amid rising fears of banking turmoil, investors have turned skeptical about whether the Fed would continue hiking rates further or choose silence this time.linked to the banking fiasco. S&P500 futures have extended gains further, portraying further improvement in the risk appetite of the market participants.
The US Dollar Index has continued to remain choppy around 103.33 as investors have sidelined ahead of the Fed’s monetary policy. Analysts at ING believe “We do not expect too much volatility if conditions allow the to hike 25 bps and the dot plots do not surprise too much and an unlikely 50 bps hike would be very bullish for the Dollar.”Silver price has sensed cushion around a minor inventory accumulation phase plotted near $22.20 on an hourly scale. The recovery move from the Silber price is expected to push it toward March 20 high around $22.72.
Advancing 20-and 50-period Exponential Moving Averages at $22.48 and $22.32 add to the upside filters. The Relative Strength Index is gathering strength for climbing into the bullish range of 60.00-80.00. An occurrence of the same would strengthen the Silver price further.
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