SILVER PRICES IN SLIGHT RECOVERY AHEAD OF BIDEN STIMULUS SPEECH

After the non-farm payrolls announced in the US on the last trading day of last week, the appreciation on dollar assets continues to be preserved. On the other hand, it is seen that the rise in US 10-year bond yields accelerated the fall in silver prices. However, on the US side, the intense political agenda between US President Joe Biden and Trump has triggered some demand for safe-havens. Thus, it is seen that the decreases in silver prices are in an effort to compensate.

The Democrats in the US House of Representatives announced that they had officially submitted the bill containing the impeachment clause against President Trump, whom they wanted to be dismissed due to the Congressional raid. In the bill submitted to the US House of Representatives, it was stated that President Donald Trump was charged with "deliberate incitement to violence against the US government." On the other hand, according to the news of the FBI, it was announced that armed protests were planned in the congress buildings in the capitals of 50 states before Biden's oath in the country. Trump announced that Biden declared an "emergency" in Washington for the inauguration ceremony. After these developments, while the risk appetite in the markets was weak, safe harbors started the day positively. However, the bill was rejected in parliament. In addition, US elected President Joe Biden is expected to announce the details of the additional stimulus package on Thursday.

 

XAGUSD 

In the light of all this information, although dollar assets suppress precious metal increases, it is seen that the commodity maintains its attacks towards the 26.0 level with returns from the 24.90 level. Especially if this level is exceeded, the rises may continue to 26.75 and 27.50 resistance levels. In a possible downward acceleration, we are following the 24.90 support first. If pricing below this level occurs, the support levels 23.50 and 22.0 will be important areas of action.