Silver price drops to near $22.00 ahead of US inflation data. Fed Powell leaned towards raising interest rates further. The US inflation report will showcase whether progress in inflation easing towards 2% has slowed. Silver price fell sharply to near $22.00 as Federal Reserve Chair Jerome Powell and his teammates leaned towards raising interest rates further to push the monetary policy to a sufficiently restrictive stance.
S&P500 futures added some losses in the European session, portraying a risk-off market mood. 10-year US Treasury yields rose to near 4.65%. Silver technical analysis Silver price resumes its downside journey after testing the breakdown of the consolidation formed in a range of $22.37-23.70on a four-hour scale. The near-term demand for the white metal remains downbeat as the asset has dropped below the 200-period Exponential Moving Average , which trades around $22.70.