sed immense buying interest after investors shifted their funds into bullions to avoid sheer volatility inspired by disappointing earnings from S&P500 companies.
Risings fears of economic slowdown after poor earnings and weak revenue guidance from S&P500 companies have sent demand for US Treasury bonds and bullions on fire. Also, renewed banking jitters after the release of quarterly results of First Republic Bank underpinned bullions and US government bonds as safe-haven.
Going forward, US Durable Goods Orders data will remain in focus. Monthly economic data that indicates forward demand for core goods is expected to expand by 0.8% vs. a contraction of 1.0%.Silver price is marching towards the upper portion of the Sideways Channel chart pattern formed on a two-hour scale. The aforementioned chart pattern indicates a rangebound performance by the asset. The white metal has crossed the 20-period Exponential Moving Average at $25.
Also, the Relative Strength Index is oscillating in the 40.00-60.00, which signals that investors are awaiting a potential trigger for further action.