Silver Price Analysis: XAG/USD jumped back above $23.00 despite surging US real yields, dead-cat bounce? By Frank_Macro XAGUSD Silver
d with non-yielding assets, spot silver prices have gained ground on Tuesday. Spot prices have in recent trade rebounded back to the north of the $23.00 per troy ounce level after finding support in the $22.60s in the late European morning. Buyers came in ahead of last week’s $22.60 low and the 21-day moving average at $22.55. Short-term silver bulls will now be eyeing a test of recent highs in the $23.40 area which happen also to coincide with the 50DMA at $23.39.
Silver and other precious metals have gained ground on Tuesday as they take advantage of dollar weakness . US data seems to have net-net weighed on the buck on Tuesday after the ISM manufacturing survey showed activity slowing in December and inflationary pressures as a result of supply chain snags subsiding substantially.
The JOLTs survey did indicate a record number of people quitting their job in November, however, which is seen as one of the best indicators of a hot labour market . Meanwhile, the most dovish Fed member Neil Kashkari said he now sees two rate hikes in 2022, having not long ago wanted the Fed to wait into 2024 before hiking.
10-year TIPS yields are above -0.95% on Tuesday, having surged from under -1.10% as recently as last Friday as traders bet on higher long-term interest rates as economic optimism prevails over Omicron-related pessimism. Indeed, it very much seems at this stage that Omicron is significantly milder than prior strains and its associated economic damage is far less. The rally in real yields suggests that Tuesday’s bounce in silver and gold may prove nothing more than a dead-cat bounce.
from current levels. Medium-term bears will be looking for XAG/USD to test recent lows in the $21.00s in the coming weeks.
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