Silver rises to achieve new price levels in 2023
Silver's rise to the $25.00 level has not been seen since last year
The sharp decline of the US dollar index is contributing to the rise of safe havens
Silver hits new peak for this year at the $25.00 level
Concerns about the Fed’s monetary policy remain intact
Significant gains for silver as the dollar index continues to drop
Silver prices saw a sharp rise today, on the back of the dollars downfall. This comes in the wake of negative job turnover data that cast a shadow on the US dollar movements, raising concerns about the Federal Reserve's continued interest rate hikes and strengthening expectations that the Federal Reserve will begin to slow down its monetary tightening pace.
Silver prices saw a significant increase during yesterday's trading, rising by more than 4%. The continued to rise and move in an upward trend, hovering to its new 2023 peak of $25.00 level. The positive momentum is likely to continue ahead of key economic data expected to be released today, including the ISM Services Purchasing Managers' Index, the ADP Non-Farm Employment Change, as well as US labor market data, which is scheduled to be released on Friday.
The most important pivotal levels that may affect silver movements
Silver has managed to surpass the resistance level of $24.50 and has extended its rise to achieve a new peak around the $25.00 level. It is likely that we will see further gains to test the resistance level of $26.30, which, if surpassed, the metal may extend the rise further to test levels of $28.25. However, all of this is conditional on prices remaining above the $24.50 level, which has turned from resistance to support for the price after being surpassed.
In the event that silver falls below the $24.50 level, it is likely to see further declines to test the support level of $23.00. If this level is also broken, the decline may extend to $21.70.