Forex Marketz Daily Forex News – Fully Markets Update
The spot silver futures contract has fallen sharply lower. This futures contract is trading around $23.30 per ounce as we head into Wednesday’s trade session.
Silver traders are watching the U.S. political echelon closely. Overnight, the upper house of the American Congress, the Senate, passed President Joe Biden’s massive infrastructure spending bill.
The lower house, known as the House of Representatives will now take it up before Biden can sign it into law. The proposed fiscal package does face challenges in the House of Representatives from the far left progressive Democrats. The Democratic Party has a narrow majority.
The United States will release key consumer price data today. This is their headline and core monthly consumer price index (CPI) today. The United States is also releasing weekly crude oil inventory data.
The European Union’s largest economy, Germany will publish their final monthly consumer price index during the European trade hours. Canada and the United Kingdom have no key macroeconomic data releases scheduled.
Daily Spot Silver Technical Analysis
Looking at the above daily MT 4 chart, the 14 day MACD histogram looks negative as seller of the white metal remain control. The spot silver contract has fallen lower from the two hundred (200) day simple moving average and below a seven week old rising trend line.
There is another falling trend line from 18 January on the downside in play at $23 per ounce. Below that key rising trend line is another trend line support at an 11 month old rising trend line. This upside barrier is in play at $22.70 per ounce.
On the upside, the spot contract has former technical support level now upside barrier in the picture at $24.10 per ounce. The July low price point then comes into focus at $24.50 before the 200 day simple moving average. The 200 day simple moving average lines up at $25.90 per ounce.
