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Silver Prices Remain Under Pressure

11/23/2022 11:30 AM

During the Asian session, silver prices are declining after a moderate increase yesterday and testing 21.00, seeking to return to the lows of November 8, renewed at the beginning of the week.

Markets are awaiting the Wednesday publication of the minutes of the US Federal Reserve October meeting, which, as predicted, may reflect the regulator's inclination to ease monetary policy. At the same time, comments from agency officials are preparing investors for the fact that no abrupt changes in policy are expected: the rate of interest rate growth will slow down, but the tightening cycle will continue until a steady reduction in consumer inflation to target levels.

Pressure on the position of silver as an industrial raw material is being exerted by news from China, where a worsening epidemiological situation is recorded: yesterday, the authorities reported that the total number of infected citizens had approached the highs since April, as a result of which quarantine measures were expanded. The two industrial regions most affected are Guangzhou and Chongqing.

On the daily chart, Bollinger bands reverse into a horizontal plane: the price range is narrowing, reflecting the ambiguous nature of trading in the short term. MACD is falling, keeping a relatively strong sell signal (the histogram is below the signal line). Stochastic, after a corrective rebound at the beginning of the week, maintains an upward direction, signaling in favor of the development of upward dynamics in the nearest time intervals.

Resistance levels: 21.20, 21.59, 22.00, 22.40. | Support levels: 20.86, 20.55, 20.30, 20.00.

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