June 15, 2024 02:47 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Delhi LG approves prosecution of Arundhati Roy, Sheikh Showkat Hussain in 2010 provocative speech case | BS Yediyurappa, accused of harassing minor, can't be arrested till next hearing: Karnataka HC | PM Modi meets Meloni, Macron, Zelenskyy and Pope as part of mega outreach program in Italy | NEET-UG 2024: Supreme Court issues notice to Centre, NTA on pleas seeking CBI probe into paper leak | BJP worshipped Lord Ram but stopped at 241 due to arrogance, says RSS leader days after Mohan Bhagwat's veiled attack on Modi's party
Silver prices to maintain bullish trend despite pause on Tuesday
Photo Courtesy: Representational image by Scottsdale Mint on Unsplash

Silver prices to maintain bullish trend despite pause on Tuesday

| @indiablooms | 21 May 2024, 11:07 pm

Silver prices fell on Tuesday after reaching a multi-month high in the previous session. The decline was prompted by cautious comments from U.S. Federal Reserve officials and profit-taking by investors, reported fxempire.

The market is now focused on the upcoming Federal Reserve meeting minutes for further direction.

Despite today’s mild decline, the long-term outlook for silver remains strong due to ongoing geopolitical and financial uncertainties, according to the report.

Market sentiment has shifted, with traders now anticipating the first Fed rate cut in September rather than June, indicating the Fed’s cautious approach.

Traders should closely watch upcoming economic indicators and Fed statements for further insights into the timing of potential policy changes.

XAG/USD is edging lower on Tuesday after reaching an over 11-month high in the previous session. If today's inside move holds, it will signal investor indecision and potential upcoming volatility, the report said.

The key level to surpass is yesterday’s high at $32.52, which would also position it above the January 2013 main top at $32.48. The daily chart suggests the market has further upward potential, with the next target at $34.35.

On the downside, the nearest support level is the uptrending 50-day moving average at $27.15, which is currently guiding the intermediate trend.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.