🔽 Silver drops 2% as USD strengthens

12:32 PM 23 May 2023

💲 Strong US dollar pressures precious metals

Commodities are taking a hit today, especially industrial and precious metals. Strengthening of the US dollar can be seen as a prime reason behind the drop with greenback being the best performing G10 currency at press time. US yields are also on the rise, exerting additional pressure on precious metals. Gold drops around 0.7% at press time, platinum declines 1% and silver trades almost 2% lower! As the move is driven mostly by USD, precious metals may see some volatility later today when US data is released - flash PMIs for May at 2:45 pm BST as well as Richmond Fed index for May at 3:00 pm BST. Events scheduled for the later part of the week - like FOMC minutes (Wednesday, 7:00 pm BST) or US PCE inflation for April (Friday, 1:30 pm BST) - may also move USD and, in turn, precious metals.

Taking a look SILVER chart at D1 interval, we can see the price is making a break below the $23.25 support zone today. Precious metal currently trades not only at the lowest level of the day but also at the lowest level since March 29, 2023! Should the downward move deepen the two level to watch are - $22.20 support zone, marked with previous price reactions, and $21.40 area, marked with the lower limit of the Overbalance structure.

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Source: xStation5

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