As Federal Reserve Chair Janet Yellen's testimony before Congress made the market more convinced that the Federal Reserve will raise interest rates in September, the U.S. dollar index approached the mark, and silver prices closed at their lowest in recent months on Thursday. The dollar's rally is far from over.
Affected by the interest rate hike remarks, the price of silver continued to remain weak on Monday, and the overall pressure fluctuated. The market relied on the resistance of the top-to-bottom transition above the US dollar on Monday and still did not give bulls much opportunity. Overall The volatility is not large, and there is no support breakout. However, it seems that the short trend is not over at present, and the focus needs to be on the turn of market sentiment this week.
On Monday, October 1, the U.S. dollar index took a break from its ten-day streak of gains, although the probability of the Federal Reserve raising interest rates increased to 20%. Regarding the outlook for the U.S. dollar, many institutions expect that the U.S. dollar's rise will end soon, and the time for a decline is approaching.
Spot silver prices have been under pressure since the U.S. election. Silver has collected negative bars for two consecutive weeks, and the line has been running in the middle of the Bollinger Bands. Silver has broken through the support of the US dollar this week, as the strong rise in the US dollar has suppressed the price of silver downwards. Looking at the daily line, the short trend of silver prices is strong. The line is running in the middle of the Bollinger Bands. The Bollinger Bands are opening and going downwards. The Fed is expected to raise interest rates in March. The US dollar will rise further this week. The silver price is still under pressure today. This week we still see silver falling. Today’s silver price operation advice is to focus on short selling on a rebound in silver.
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