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Breaking news

Fed Leaves Rates, QE Unchanged, FOMC Sees 2 Rate Hikes in 2023

Real Time News
  • Fed's Powell: - We expect the current high inflation readings will begin to decline - In inflation expectations increase, contrary to our base case, we will take steps to reduce them
  • rally started about 15 mins into the presser but stocks are really liking what Powell has been saying $NQ hasn't quite clawed back the entirety of the move but, its been a one way train past half hour $NAS $QQQ https://t.co/npB1zLrDyr https://t.co/MWOGdfXsTi
  • If you're watching the Dollar, keep an eye on $USDBRL with the Brazilian central bank rate decision due in a little with an expected 75bp rate hike
  • I think Powell is right about a stronger labor market coming down the pipeline: - UI ends - schools reopened fully - vaccination rates increase - lockdown/distancing measures lifted
  • Fed's Powell: We are working on a supplementary leverage ratio, but there is nothing specific to share at this time
  • $ES +25 from the lows https://t.co/eOczEOlBXu https://t.co/DkocBjcOVS
  • Fed's Powell: - We are seeing wage increases, but nothing to be concerned about - In the coming months, we believe supply and demand in the labor market can match
  • Fed's Powell: - There is no single number or metric that can be used to evaluate the labor market - We have to be cautious when determining "full jobs"
  • USD Next Major Resistance Nearby - #DXY chart https://t.co/59wf7hkM2r
  • It's fairly evident that Powell cares deeply about the labor market mandate. There is still a great deal of slack. According to the Atlanta Fed's Jobs Calculator, for the economy to get back to its January 2020 state (63.4% LFPR, 3.5% U3) it will take ~+740K NFP/month. https://t.co/vGcC7BNEre
Palladium on Path to Bearish Correction? Silver Outlook Bullish

Palladium on Path to Bearish Correction? Silver Outlook Bullish

Dimitri Zabelin, Analyst

Palladium, Silver, XPD/USD, XAG/USD – Talking Points

  • XPD/USD retreats after reaching $2,000 – is a larger correction in the cards?
  • XAG/USD broke key resistance layers and may now experience bullish surge
  • What is the primary fundamental factor impacting palladium and silver prices?

Palladium on Edge of Bearish Correction?

Year-to-date, Palladium has rallied over 46 percent and briefly topped $2,000/oz, the highest on record for XPD/USD. Shortly after reaching the milestone, Palladium fell over seven percent and experienced its biggest one-day drop since August 1. XPD/USD is now testing a familiar resistance-now-turned support between 1823.10 and 1812.10.

XPD/USD – Daily Chart

Chart showing Palladium Prices

XPD/USD chart created using TradingView

A break below that range with follow-through could catalyze a selloff until the precious metal hits a multi-layered support area between 1680.32-1705.00. Heading in Q1, XPD/USD may attempt to re-test the $2,000/oz landmark if favorable fundamental factors continue to support upside momentum. Learn more about what has been driving Palladium prices in 2019 here!

Silver Price Outlook

Silver prices have broken above the September descending resistance channel and the upper lip of the 16.754-17.208 congestive range with confirmation, signaling a bullish surge may be in the cards. I highlighted the importance of this cross-section in my previous piece outlining my bullish outlook for silver prices. Looking ahead, XAG/USD may rise with confidence until it hits resistance between 18.117 and 18.218.

XAG/USD – Daily Chart

Chart showing silver prices

XAG/USD chart created using TradingView

Fundamental Factors Affecting Silver Prices, Palladium

The US-China trade war will likely be the biggest factor impacting these precious metals. For palladium, weaker car exports out of a China could weigh on demand for XPD, a key input used in the production of catalytic converters. For XAG, an escalation in trade tensions could boost Fed rate cut bets and boost demand for anti-fiat hedges like silver higher.

SILVER TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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