Rare metals await judgement from US Federal Reserve

<img width="250" height="132" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-250×132.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-250×132.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-700×369.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-768×404.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-1536×809.jpg 1536w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-2048×1079.jpg 2048w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-120×63.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-245×129.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-500×263.jpg 500w" sizes="(max-width: 250px) 100vw, 250px" /><p>On Monday’s trading session, however, the silver market experienced a small fallback as the 50-day EMA helped the market gravitate towards the $22.50 level. The market will be under constant observation to determine if it can hold a support level.</p>
<p>On the Multi Commodity Exchange (MCX), India, gold prices continue to fall; analysts suspect the Navaratri festival has caused this sudden drop, particularly in local Indian areas. As of Monday, <a href="https://www.leaprate.com/news/weekly-data-oil-and-gold/" target="_blank" rel="noopener">gold</a> prices on the MCX have fallen 0.22%, with an ounce of gold weighing in at $1917.10, while silver prices have fallen 0.43% to $22.66 despite seeing a continuous rise in the first two weeks of October.</p>
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<p>As the week progresses, all eyes will be fixed on the US Federal Reserve as the Federal Reserve Chair Jerome Powell prepares for his decisive speech on inflation rates and interest hikes. With the minor and main support levels of these rare metals at 20.66 and 19.90, respectively, there is room for potential decline; however, all hangs in the balance until the Fed releases inflation data.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/market-news/rare-metals-await-judgement-from-us-federal-reserve/">Rare metals await judgement from US Federal Reserve</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>