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Investor Interest in Silver is Declining

8/25/2022 11:21 AM

During the Asian session, silver prices are rising moderately, testing 19.30.

Activity on the instrument is low, as market participants are waiting for the speech of the head of the US Federal Reserve, Jerome Powell, his forecasts regarding prospects and hints at the actions of the regulator in terms of adjusting monetary parameters, given that the situation with an unprecedented rise in inflation harms the national economy.

US macroeconomic statistics released yesterday were ambiguous: durable goods orders showed zero dynamics in July, decelerating from the growth of 2.2% last month against a forecast of 0.6%. Excluding the defense and aviation sectors, the figure fell from 0.9% to 0.4%, which is 0.1% better than market expectations.

According to the latest report from the US Commodity Futures Trading Commission (CFTC), net speculative positions in silver increased from 2.9K to 3.5K. There were also minor changes in the balance of sellers and buyers: "bears" hold the lead in contracts secured by money, but the position of the "bulls" is only slightly inferior, amounting to 32.070K against 37.836K from sellers. This week, long positions have been reduced by 0.647K contracts, while short positions have decreased by 1.110K contracts.


On the daily chart, Bollinger bands are moderately declining: the price range is expanding from below. However, it shows a tendency to turn into a horizontal plane against the background of the appearance of multidirectional dynamics in the short term. The MACD indicator is trying to reverse upwards, preparing to form a buy signal (the histogram is trying to settle above the signal line). Stochastic is showing similar dynamics, and is located approximately in the center of its working area, indicating the prospects for the development of upward dynamics in the ultra-short term.

Resistance levels: 19.50, 19.74, 20.00, 20.48. | Support levels: 19.00, 18.68, 18.41, 18.00.




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