Precious metals are performing very well today, which is an extension of yesterday's session, which was driven by the Fed's decision. US central bank decided to further normalize the monetary policy and announced a sharper path of interest rate increases. Additionally, today some changes were also communicated by the BoE and the ECB. Of course, higher rates are rather negative for precious metals, but it is also worth remembering that the first hike is often a turning point, and now, in line with the seasonality, we can at least expect an upward correction. Of course, the metals themselves are also driven by the EURUSD rally, which is related to the bank's decisions.
The price of silver today increased by nearly 2%, while from yesterday's low price gained almost 5%. Additionally, it is worth noting that yesterday's low at $ 21.5 also painted a potential double low formation. Theoretically, the range of this pattern is located around $ 30.00, however earlier buyers will need to deal with the resistance at $23.5 which is strengthened by 23.6 Fibonacci retracement of the last downward wave and the 50 SMA.
Additionally, it is worth noting that a similar upward movement is also taking place in the gold market. The price is testing resistance at $ 1,800 which coincides with a 50 SMA.
Source: xStation5
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