Silver price (XAG/USD) trades back and forth in a narrow range above the crucial support of $23.00 in the late European session.
Silver price trades sideways above $23.00 ahead of the speech from Fed Powell. The market mood has improved amid the absence of fresh development in the Israel-Palestine war. Silver price demonstrates a sideways performance amid a symmetrical triangle chart formation. The white metal struggles for a direction as investors seek fresh developments over Middle East tensions and await a speech from Federal Reserve Chair Jerome Powell, which is scheduled for Wednesday.
Economists at Barclays said, We continue to think the FOMC will need to proceed with additional tightening and will have to maintain a higher rate path than expected by the market, with no rate cut prior to September 2024, Silver technical analysis Silver price demonstrates a sideways performance amid a Symmetrical Triangle chart formation on a two-hour scale. The aforementioned chart pattern signals a sharp contraction in volatility. The 200-period Exponential Moving Average at $22.
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