Silver prices increased when yields increased and the dollar declined. Gold prices increased on Monday as investors sought a safe haven in the face of dollar weakening. The dollar experienced negative pressure in light of sluggish growth projections and the possibility of recession.
Today, benchmark rates increased as shares soared. Today, the yield on ten-year bonds climbed by 3 basis points. Shanghai’s lockdowns are nearing to an end, resulting in a decrease in oil prices and a rise in oil consumption. The cessation of lockdowns mitigates supply problems caused by a possible embargo on Russian oil.
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Monday’s economic calendar was light. Focus continues on Fed Chair Powell’s speech tomorrow and this week’s release of major economic statistics, including the PCI and GDP for the first quarter. Investors continue to be anxious about the possibility of a recession and sluggish economic development.
Silver prices decline from the $22 level earlier today, but rise as a result of a significant dollar decline. The direction of XAG/USD will be determined by the movement of the dollar index.
This week’s key economic data will determine if slower growth will underpin XAG/USD and give it a greater bullish outlook The statistics might stabilize the precious metal over $22 per ounce.
Near the 10-day moving average of $21.48 is viewed as support. Near the $22 level, we see resistance. Short-term momentum might turn negative as the fast stochastic might have a crossover sell signal.
The medium-term momentum turns positive as the histogram prints positively with the MACD (moving average convergence divergence). The MACD histogram is moving in a positive direction, indicating an upward trend in price movement.
