Silver Price News: XAG/USD renews intraday low near $23.50 as US Dollar bears take a breather – by anilpanchal7 Silver XAGUSD RiskAppetite Commodities Fed
Wednesday in Europe. In doing so, the bright metal takes clues from a pause in the US Dollar’s downtrend while reversing the previous day’s gains. steadies around 102.00 as bears await the US Gross Domestic Product for the fourth quarter and the next week’s Federal Open Market Committee meeting.
It’s worth noting that the downbeat US activity data join the dovish concerns surrounding the Federal Reserve’s next moves to keep XAG/USD buyers hopeful. However, an absence of Chinese traders and the pre-Fed blackout period joins the consolidation in the commodity markets, due to China’s Lunar New Year holidays, which seem to weigh on the Silver price of late.
Additionally, the market’s dicey moves and a lack of major data/events also probe the commodity traders. While portraying the mood, US Treasury bond yields remain inactive after Tuesday’s pullback while the S&P 500 Futures print mild losses but the stocks in the Asia-Pacific region trade mixed and support the currencies of the zone.
Moving on, Silver traders will pay close attention to the risk catalyst ahead of the US Q4 GDP as recession woes challenge the partially industrial commodity. However, major attention will be given to the next week’s Federal Open Market Committee meeting for clear directions. To sum up, the Silver price remains on the bear’s radar for the day but the bulls are lurking ahead of the key data/events.
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