Silver Price Analysis: XAG/USD still lower on the day, but rebounds strongly from $22.00 support By Frank_Macro Silver XAGUSD
t levels in the $22.40s, it continues to trade lower by about 0.9% on the session, having started the day in the $22.60s. A sharp rise in US and global bond yields in wake of a double dose of hawkishness from two major European central bank has had precious metals markets on the back foot, despite sharp downside in the global equity space as a result of horrible Facebook earnings.
Silver bulls will take heart having seen how well support in the form of annual lows in the $22.00 area held up on Thursday. But with the trajectory of global monetary policy now pointing firmly in the direction of tightening, not many will be betting on a long-term rebound. That suggests that the $22.
In this bearish scenario, attention would immediately turn to the next area of support in the $21.40s , a double bottom from September and December 2021. In the longer run, if global developed market yields continue to buy into the tighter central bank policy story and yields continue to surge, silver could be looking at a break back towards support in the form of a high from all the way back to June 2016.
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