Silver Price Analysis: XAG/USD drives above $23, returns above 50% Fibo retracement Silver DollarIndex Fed ChartPatterns SupportResistance Silver
The USD Index has sensed selling pressure as investors are expecting that the White House and Republican leaders will reach a bipartisan, which would support the United States Treasury in avoiding a default. White House officials and House of Representatives Kevin McCarthy-led team are vigorously involved in negotiations. The deviation in proposed budget spending by the White House to Republican leaders has narrowed to $70 billion from the original proposal of $1 trillion.
Meanwhile, signs of a pause in the policy-tightening spell by the Federal Reserve are also fueling strength into the Silver price.retracement at $23.00 on a four-hour scale. The white metal has to pass through plenty of filters for a bullish reversal. The asset is still auctioning in a Falling ChannelThe declining 20-period Exponential Moving Average at $23.15 is acting as a barricade for the Silver price bulls.A confident break above May 25 high at $23.
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