{"id":1274,"date":"2023-12-11T11:14:22","date_gmt":"2023-12-11T08:14:22","guid":{"rendered":"https:\/\/ssctrades.com\/upward-channel-support-may-hold-back-decline-in-silver-prices\/"},"modified":"2023-12-11T11:14:22","modified_gmt":"2023-12-11T08:14:22","slug":"upward-channel-support-may-hold-back-decline-in-silver-prices","status":"publish","type":"post","link":"https:\/\/27-preview.freshtone.ru\/en\/upward-channel-support-may-hold-back-decline-in-silver-prices\/","title":{"rendered":"Upward channel support may hold back decline in silver prices"},"content":{"rendered":"<p>Silver prices continued to decline on Monday amid a stronger dollar, anticipated central bank meetings and the release of the U.S. inflation data this week.<\/p><p><br><\/p><p>Silver&#8217;s recent 1.57 % decline in price is attributed to a stronger than expected increase in the U.S. jobs on Friday. This led to revised forecasts for <a href=\"https:\/\/marketcheese.com\/indicator\/us-fed-interest-rate-decision\" rel=\"noopener noreferrer\" target=\"_blank\">the Federal Reserve&#8217;s (Fed)<\/a> actions next year and a temporary strengthening of the dollar and bond yields, which put pressure on the precious metal&#8217;s prices. This was reported by KCM Trade Chief Market Analyst Tim Waterer.<\/p><p><br><\/p><p>As the data showed, last month in the U.S. non-farm payrolls increased by 199 000 jobs. This was above Reuters economists&#8217; expectations, who predicted an increase of 180 000. Such indicators show the stability of the labor market in one of the largest economies in the world. As a result, hopes of the Fed easing its monetary policy in early 2024 are gradually fading.<\/p><p><br><\/p><p>Tuesday&#8217;s U.S. consumer price report for November will draw particular attention of market participants, who are looking for additional signals about future interest rate changes ahead of the Fed&#8217;s announcement on Wednesday.<\/p><p><br><\/p><p>The markets forecast the U.S. central bank will keep rates between 5.25-5.50% this week. Traders are already shifting from expecting a rate cut in March to a rate cut in May. In addition, the European Central Bank, Bank of England, Norges Bank and the Swiss National Bank will hold their meetings this Thursday.<\/p><p><br><\/p><p><a href=\"https:\/\/marketcheese.com\/symbol\/silver\" rel=\"noopener noreferrer\" target=\"_blank\">Silver quotes<\/a> are in a broad correction on the D1 timeframe.<\/p><p><br><\/p><p>An upward trend is forming on the four-hour time frame. The price is approaching the support of this bullish channel. Divergence of the Relative Strength Index (RSI) indicator (standard values) portends a change in the direction of the silver rate. A rebound in price from the support trendline near the 22,750 level will indicate a move to the upside.<\/p><p><br><\/p><p><strong>Signal:<\/strong><\/p><p>Short-term prospects for<strong> silver are to buy<\/strong>.<\/p><p>The target at the level of <strong>25.550<\/strong><\/p><p>Part of the profit could be fixed near the level of 24.150<\/p><p>A Stop-loss could be placed at the level of 21.770<\/p><p>\u00a0<\/p><p>The bullish trend has a short-term character, so the trade volume should not be more than 2% of your balance.<\/p>","protected":false},"excerpt":{"rendered":"Market analysis by financial analysts and experienced traders. Forecast for Silver.","protected":false},"author":1,"featured_media":1267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forecasts-en"],"translation":{"provider":"WPGlobus","version":"2.12.2","language":"en","enabled_languages":["ru","en"],"languages":{"ru":{"title":true,"content":true,"excerpt":true},"en":{"title":false,"content":false,"excerpt":false}}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Upward channel support may hold back decline in silver prices - SSC<\/title>\r\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Upward channel support may hold back decline in silver prices - 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