Silver Shrank Noticeably on U.S. dollar rise, It’s Time To Wait and Watch the Market Sentiments; Aug 09, 2021
- Silver too spiked down during the opening hours and touched $22.10 mark.
- It is the lowest level since Nov 30, 2020.
- Today the pair made intraday high at $24.37 and low at $22.10 mark.
- A day chart and H1 chart with triple EMA confirms bearish trend for the time being.
- A sustained close above $23.93 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below$23.55 on H1 Chart will check further downside supports too.
Key News to Keep In Mind:
- China has cut off most access to a city of 1.5 million people, canceled airline flights and told the public to avoid travel if possible after a spate of cases tied to travelers from overseas who were infected with the delta variant – Marketwatch.
- Australia’s central bank governor, Philip Lowe, warned Friday the economy is likely to shrink in the quarter ending in September after New South Wales, where populous Sydney is located, and Victoria, with Melbourne and major companies, declared health emergencies – Marketwatch.
- The Sudden drop in metal prices may be linked to the belief that the U.S. NFP jobs report may give the Federal Reserve more scopes to raise interest rates and taper its $120 billion in monthly asset purchases sooner than later – Marketwatch.
Take a look and do trade wisely!