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- The silver price is consolidating near the most recent daily lows.
- The XAG / USD bulls see a 38.2% Fibo for the upcoming sessions.
Silver was up about 0.25% by Thursday’s closing bell on Wall Street and XAG / USD was hovering between a low of $ 25.82 and a high of $ 26.17.
In Asia, the price is in consolidation at $ 25.93, trading between a low of $ 25.92 and $ 25.99.
Meanwhile, signs of further economic growth this week also weighed on investors’ appetite for precious metals.
In industrial metals data, durable goods orders rose the fastest since January in May, supported by a significant surge in commercial aircraft orders.
However, the prospect that the Federal Reserve may scale back its asset purchases continues to weigh on the complex.
Precious metals do not do so well even in times of the weak US dollar. The bar for further price weakness is low as the market embarks on more balanced Fed rhetoric that is likely to support the dollar.
The DXY is currently correcting to a high of 91.83 and could reach the upper end of its 89-93 2021 range by Q3, which would weigh on precious metals.
US data will be important and taper talks are likely to escalate to a crescendo in the Jackson Hole Fed conference on Aug. 28.
XAG / USD Technical AnalysisUSD
Things look calm for the remaining sessions of the week as the price holds near the daily lows.
However, this does not rule out a correction to the 38.2% Fibo at $ 26.58 as long as $ 25.70 remains in daily support.
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