Silver Technical Analysis: Silver price is displaying a consolidation formed in a range of $20.20-20.85 after a sheer perpendicular downside on an hourly scale. The asset looks vulnerable as the 20-period Exponential Moving Average (EMA) at $20.70 is acting as a barricade for the Silver price.
The Relative Strength Index (RSI) (14) is struggling to surrender the bearish range of 20.00-40.00.
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Silver price has sensed a buying interest after testing Monday’s low around $20.50.
- Four-day losing spell in the Silver price has paused for now as investors have ignored Fed’s rate hike fears.
- Upbeat consumer spending in the US economy amid strong wage gains is supporting higher Fed’s interest rate projections.
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