PRICE LOSSES FOR SILVER AS MARKET VOLATILITY REMAINS
While the global indices completed the last week with record highs, the new week started with a slightly weak picture. Despite the worries of the third wave in the markets, we see that the risk appetite in the markets continues to be partially preserved with the positive news about vaccination and the positive economic data announced in the USA. While this picture triggers an upward acceleration in US 10-year bond yields, demand for safe havens continues to remain weak. In the USA, especially Personal Expenditures decreased by 1 percent in February, while Personal Income decreased by 7.1 percent. On the other hand, Michigan Consumer Confidence Index came in above expectations with 84.9. While Fed Chairman Powell pointed out that he was on the optimistic side about the economy, he stated that he saw the bond yields as a signal for the recovery of the US economy, which was among the remarkable developments in the markets.
On the first trading day of the new week, while there was no data to be followed in the markets, silver prices dropped below the level of 24.50. With the precious metal overcoming the 24.0 support, it can be expected that its declines will accelerate within the framework of the support levels 23.60 and 23.13. The important breaking point we will consider here will be the support of 24.0. However, if the prices climb above the 24.50 level again, the rises can be expected to cause a change in the direction of the commodity with the resistance levels of 25.0 and 25.54.