Silver after a fairly active growth, provoked increased interest in safe assets against the decision of the Bank of China to devalue the yuan, the beginning of a decline. Again, the reason lies in the Chinese regulator. Today, representatives of the Bank of China said that they see no reason to further reduce the rate (after 3 days, they have weakened the yuan by 4.6%). Quotes metal may react quite sensitively published today data on retail sales in the United States. If the figure comes out higher than expected 0.8%, it is likely to further reduce quotations white metal, since the market will be back expectations of Fed rate hikes soon, which weakened somewhat against the background of China‘s problems.
Quotations of silver in the area formed a support level of 15.150. Provided that this barrier is passed, can again become active “bears” that will provoke an increase in the number of short positions on the metal and the likely acceleration of its decline.
|Silver futures chart|