Commodities Analysis by Fawad Razaqzada covering: EUR/USD, XAU/USD, XAG/USD, US Dollar Index Futures. Read Fawad Razaqzada's latest article on Investing.com
Silver technical analysis: Broken support at $22.22-$22.40 must be reclaimed by bulls before the outlook turns positiveare continuing to make back lost ground. The metals have been further supported by raised geopolitical risks, highlighted by gold’s breakaway gap at this week’s Asian open. The focus will remain on the dollar and yields with the release of key US inflation data today.
This is because investors seem to be backing the view that, while there will be bumps on the road, the disinflation process is well underway and that the Fed won’t have to tighten its belt any further. The “higher for longer” narrative won’t change materially regardless of today’s data release. The Fed must also be getting at least a little worried about the recent spike in bond yields, so they will be extra careful in their language now that rates are this high. They won’t want to unintentionally send yields any higher than they are right now, that’s for sure.
Anyway, let’s see what type of reaction today’s inflation numbers will bring rather than pre-empting it too much.Following the big drop in September, there was some initial downside follow-through in the selling pressure in the first few days of October. Silver reached a fresh multi-month low by Tuesday of last week at $20.68. But
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