Silver Price Forecast: XAG/USD retraces after hitting a new week high around $21.60s – by christianborjon Silver XAGUSD Metals Commodities Technical Analysis
November meeting minutes, which weakened the US Dollar . Also, factors like China’s Covid-19 crisis failed to trigger a flight to safety into the white metal. Hence, the XAG/USD trades at $21.47 a troy ounce.
On the positive side, US Durable Good Orders for October surprisingly rose, while the University of Michigan Consumer Sentiment for November portrayed Americans are optimistic about the economy. The University of Michigan poll updated inflation expectations, with one-year ticking down to 5%, while for a 5-10 year horizon, were unchanged at 3%., a gauge of the buck’s value vs. its peers, drops by 0.21% at 105.875, extending its losses to three days.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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