Silver is holding up despite the strong bid in the US dollar on Wednesday. Bulls holding at daily support, but need a daily bullish close. XAG/USD is trading at $25.1030 having moved higher on the day from a low of $24.9845 and a high of $25.3604. Precious metals gained on Wednesday following Federal Reserve Chair Jerome Powell’s repeated calls to keep low-interest rates pinned near zero. Both Treasury Secretary Janet Yellen and Fed chair Jerome Powell appeared before a Senate committee again on Wednesday. Despite the Biden Administration’s US$1.9 trillion economic-relief package, which is considered bullish for precious as an inflation hedge, Powell remains adamant that inflation will be transitory. Powell told lawmakers the prior day that he expected some inflation but that would be “neither particularly large nor persistent.” A spike in inflation absent of Fed intervention is a bullish backdrop for precious metals. The US central bank has pledged to keep interest rates anchored near zero in its policy meeting last week. However, given the fundamental backdrop in rising US yields, a faster vaccine rollout than any other developed market and a strong economic recovery, especially to that of the EU, the dollar’s strength could be here to stay for longer. EUR/USD bears seeking a second daily close below 200D-SMA Silver technical analysis XAG/USD was testing the daily demand territory earlier this week ahead of the break of the psychological $25.000 area. In prior analysis, it was explained that … … an upside correction could be on the cards at this juncture. Prior support that would be expected to act as resistance on a restest could be an optimal bearish entry point. On the daily chart, the daily support higher up at around $25.8000 has a confluence with a 50% mean reversion of the daily bearish impulse. However, the first 4-hour structure falls in at $25.4135. Live market, 4-hour chart Live market, daily chart The bulls are seeking both a close above the trendline on the 4-hour time frame and a bullish close on the daily chart to open prospects of a significant test of the prior support structures. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD drops back under 1.3700 as US dollar remains perky FX Street 1 year Silver is holding up despite the strong bid in the US dollar on Wednesday. Bulls holding at daily support, but need a daily bullish close. XAG/USD is trading at $25.1030 having moved higher on the day from a low of $24.9845 and a high of $25.3604. Precious metals gained on Wednesday following Federal Reserve Chair Jerome Powell's repeated calls to keep low-interest rates pinned near zero. Both Treasury Secretary Janet Yellen and Fed chair Jerome Powell appeared before a Senate committee again on Wednesday. Despite the Biden Administration's US$1.9 trillion economic-relief package, which is considered bullish for… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.