Silver price have fallen a bit during the trading session on Wednesday as traders are still waiting to see what the FOMC is going to say, and perhaps more importantly what the attitude of the statement will be as traders have to worry about whether or not the Federal Reserve is going to tighten even further, or if they are going to mention all of the problems around the world and how it could slow the tapering process.
Silver price rally extends to four consecutive trading sessions notwithstanding rising tensions in the Russia/Ukraine conflict. At press time, silver price is trading at $24.20. In the meantime, the US 10-year Treasury Note yield rises almost two basis points sits at 1.948%, failing to weigh on the white metal, benefited by heightened tensions in Ukraine.
Silver price is currently trying to settle below the support at the 50 EMA at $23.15 while U.S. dollar is losing ground against a broad basket of currencies. Meanwhile, iShares Silver Trust is trying to settle below the 50 EMA at $21.40.
Silver price traded with a mild positive bias through the first half of the European session and was last seen hovering near a two-week high, around the $23.35 region. The uptick, however, lacked bullish conviction as traders now seemed to wait for the release of the US CPI report, due later during the early North American session.
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Silver price slides for the third consecutive trading session, trading at $23.81 during the New York session at the time of writing. The market mood has remained unchanged since the beginning of the week.
Spot silver price have been choppy in recent trade, with prices recently collapsing back to the south of the $24.00 level and towards $23.80, with the precious metal now trading lower by about 2.0% on the day.
Silver Price Analysis: Spot silver prices spiked nearly 60 cents from under $22.90 to near $23.50 (more than two-month highs) in recent trade in wake of a much weaker than expected January New York Fed Manufacturing survey.
Silver have initially tried to rally during the session today but gave back gains to form a bit of a shooting star. At this point, it looks like we are starting to run out of steam, so I would anticipate a move back down towards the $22.50 or so.