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Silver remains rangebound

Silver prices have been consolidating in the range of $25.56-26.11/oz for four days while the market is undecided on which way to go. The side trend could be a little broader, in the range of $25.57-26.55. For an upward reversal, if you bet on the dollar returning to the back foot, silver will need to gain a foothold in the $26.50-26.60 band. Meanwhile, in the medium term, a downward trading channel still prevails, with a likely target of $25.50.

The dollar is perhaps the key issue here. Earlier, the Fed gave clear signals about the future tightening of monetary policy. In line with that narrative, there were to be two rate hikes by the end of 2023. This provided a floor for the US currency and allowed it to strengthen significantly, while putting downward pressure on both silver and gold.

Now, as expected, the Fed’s dot plot has already been factored into the dollar, so it may well come under renewed pressure. If that is the case, precious metals may have a chance for a stronger rebound.

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