Silver price slips in cautious trade ahead of Fed meeting, Powell succession risks
The silver market has seen some choppy action early on Thursday, as traders attempt to discern risk appetite in the markets overall.
Silver price today: Silver falls, according to FXStreet data
Silver futures posted the steepest weekly loss in the metals complex as oil-driven inflation fears overwhelmed safe-haven demand and industrial metal sentiment.
Gold and silver may take their directional cues off risk appetite this week, with sentiment surrounding a packed US earnings calendar potentially as important in the near term as the Fed or developments in the Gulf.
Gold and silver remain in consolidation as Fed risks, oil prices, the U.S. dollar, and U.S.-Iran tensions keep precious metals waiting for the next major breakout.
Silver Price Analysis: Advances but stalls at technical confluence near $75
Silver price prediction weakens as Fed outlook stays hawkish. Strong dollar and yields limit silver rally and pressure the broader silver market.
The situation in the Middle East continues to see a lot of movement, as it is a situation where nobody is willing to flinch, and as a result the markets continue to see big swings in interest rates.
I continue to watch the interest rate / silver negative correlation, as it has been the main driver of what is going on at the moment. The headlines in the Middle East continue to be the main culprit.
Silver price today: Silver falls, according to FXStreet data
Silver has come under notable pressure this week, slipping back below the $75 level as oil prices and the Dollar strengthen. The metal is now at risk of a deeper decline toward the March low near $60, especially if the rallies in oil and the Dollar continue to gather momentum.