Metals Ascend the Ladder: Silver’s Targeted Leap to $22.24

Today’s financial calendar brings with it a surge of vitality as traders anticipate a release of core PPI from the US, projected at 0.2%, alongside a PPI expectation set at 0.3%. Furthermore, the FOMC meeting minutes slated for the end of the American session is bound to draw considerable attention. Tuesday’s markets tread lightly, with key developments primarily surfacing on indices, as they perpetuated their upward trajectory and crafted bullish candles that signal further ascents.

Early European session today have witnessed an attempt to drive even higher, with a pervading positive sentiment acting as wind beneath the markets’ wings, bolstering prospects for additional gains on the indices. Shifting our gaze to commodities reveals a climb in precious metals this morning, underscoring a tangible shift towards safe havens. For instance, silver is presently setting its sights on $22.24 per ounce, targeting key horizontal resistances.

Oil is maintaining a steady trading pace; post the initial bullish gap and early-week gains on Monday, it has held its ground, with buyers seemingly lacking the impetus to elevate prices further.

Currency markets have exhibited a more subdued demeanor. Today observes the American dollar dipping slightly, pushing the EURUSD upward towards the neckline of an inverse head-and-shoulder formation. Simultaneously, USDJPY is presently bouncing off the mid-term downtrend line, while USDCHF edges lower subsequent to breaching the critical horizontal support of 0.91.

In this current marketplace tableau, we await to see if upcoming events and releases will infuse the markets with a heightened sense of excitement and volatility, thus opening up a new chapter of opportunities and challenges for traders in the approaching times.

Source: https://www.axiory.com/analytics/market-news/metals-ascend-the-ladder-silver-s-targeted-leap-to