Spot silver fell below $57.50 an ounce Wednesday, while a separate price history showed Tuesday’s low beneath an FXStreet analyst’s proposed support, complicating the technical picture for traders.
Kitco’s spot quote showed a bid of $57.14 per troy ounce at 5:02 a.m. EDT (09:02 GMT) on Oct. 21, down $0.74, or 1.28%, for the day. The ask was $57.39.
The retreat followed a Tuesday high near $58.60. ExchangeRates.org.uk’s price history listed a high of $58.59 and a low of $56.41 for the session. That low was below the $56.80 support level identified by FXStreet analyst Haresh Menghani, but the two readings do not establish whether the level was crossed on the measure he assessed.
Menghani put nearby resistance at $58.00 to $58.20. He wrote that “a trading range breakdown is needed to back the case for further losses.” The pullback followed Tuesday’s silver advance, which EconoTimes covered as the dollar and Treasury yields fell.
The Federal Reserve’s Sept. 16 decision provides rate context, though the meeting record does not identify a cause for Wednesday’s decline. The Fed raised its target range by a quarter percentage point to 3.75% to 4%, and minutes said most participants thought another increase would likely be appropriate by year-end.
Initial U.S. jobless claims are due Oct. 22, followed by S&P Global’s flash purchasing managers’ index readings on Oct. 23. The Fed’s next scheduled meeting is Oct. 27-28.
