Silver extended losses below the key psychological level of $24.00 per ounce on Tuesday, the lowest level since the beginning of the month and following a 2% drop the day before, as Federal Reserve chairman Jerome Powell’s reappointment pushed the dollar to fresh 16-month highs and bond yields closer to 1-month highs. Powell's re-appointment is a sign the central bank will continue its tightening plans and raise expectations of a sooner interest rate increase, which does not support precious metals prices.
Technically looking at the D1 interval, silver remains under pressure during today's session. The price reached the support at $ 23.55, which we wrote about yesterday, but so far the buyers remain passive, which may indicate a chance for deeper declines. If the current sentiment prevails, a move towards the $ 23.00 level is possible, which is marked with previous price reactions. Should break lower occur, the next target for the market bears can be found around $ 21.50 where September lows are located.
Silver interval D1. Source: xStation5
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