As the USD holds up, so pressure will remain on stocks and metals alike. Silver bulls should continue to be aware that the $21.50 to $22.10 level may yet develop as resistance. For gold, the resistance area is likely between $1,835 and $1,850.
There has been no substantive technical changes to the charts, despite the line-up of FED speakers yesterday, including Jerome Powell. The FED re-affirmed its commitment to “fight inflation”, while simultaneously opining that interest policy may be revised should supply chain bottlenecks begin to resolve.
It remains to be seen whether the USD will take another leg up, or grind sideways for a awhile. The probability of the USD immediately reversing down however, is losing steam.
Thanks and have a great day,
