Forex Marketz Daily Forex News – Fully Markets Update
Spot silver remains pressured to the downside. Price action is trading around $26 per ounce as seen on the above one hour MT 4 price action chart. The precious metal has also slipped below a rising trend channel in play since Monday.
Today is all about the U.S. Federal Reserve. The Federal Reserve’s monetary policy arm, the Federal Open Market Committee (FOMC), will announce monetary policy and their Fed Funds Rate (FFR). The FOMC will also hold a press conference, release a monetary policy statement as well and their quarterly economic forecasts.
The U.S. will also publish weekly crude oil inventory levels. The United Kingdom will publish the private BRC shop price index. The euro area has no macroeconomic data scheduled for release. Canada also has a quiet economic calendar on Wednesday.
Silver traders are also watching global coronavirus headlines. India is being battered by a resurgent wave of new Covid-19 cases and is approaching 300,000 deaths. Hospitals are running out of supplies like oxygen. The United States and other nations are sending aid as India is near a breaking point.
Daily Spot Silver Technical Analysis
Looking at the above spot silver price action chart, silver traders should note the bearish MACD momentum indicator as well as the two hundred (200) hour simple moving average which is providing immediate support in play at $26 per ounce.
If spot silver breaks below $26 per ounce, on a daily close basis, the next downside barrier would then come into play at $25.90 per ounce. Price action is also challenging a key rising trend line in play since 19 April.
On the upside, a daily close back above $26.30 per ounce will open the door for silver traders to challenge a number of technical upside barriers. The first upside barrier to watch would be at $26.45 per ounce. The monthly high price point in play at $26.65 per ounce would the come into focus.
