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Silver Briefly Rises To 7-Week High Despite USD Strength

METALS
  • With the dollar index rising a notable 0.6% on Tuesday amid higher US yields and lower equity indices, gold (-0.33%) has edged away from key resistance at $1831.9, Jan 3 high and a bull trigger.
  • With market participants potentially side-lined approaching the fed, short-term dynamics may leave the yellow metal susceptible to further renewed optimism for the greenback. From a technical standpoint, a move below $1782.8 would be needed to highlight a deterioration of the short-term bullish outlook, signified by a channel breakout.
  • Silver, on the other hand, has diverged from its precious metal counterpart and is seen 1.7% higher on the session. Prices peaked at $23.64/oz, representing a 7-week high and the largest one day dollar and percentage gain since Thursday, Dec. 16.
    • Maintaining a firmer short-term tone, attention is on the break of key resistance at $23.436, Dec 28 high. Clearance of this level strengthens the case for bulls and signals potential for a stronger recovery towards $23.886, 61.8% of the Nov - Dec sell-off.
  • In other metals news: The U.S. and U.K. plan this week to announce the start of talks to ease steel and aluminium tariffs that the Trump administration imposed on national-security grounds, aiming to remove a long-standing irritant in their trade relationship. (BBG)
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