After the number of members waiting for a rate hike in 2022 increased from 7 to 9 at the Fed meeting held on Wednesday, there was a gain in value on dollar assets. On the other hand, although the weakness of the projections regarding the economic outlook somewhat reversed this rise, we saw that this movement remained quite limited. In the details of the projections, we see that the year-end growth forecast was revised down from 7% to 5.9%, while the PCE inflation expectation was increased from 3.4% to 4.2%. Fed Chairman Powell stated that if the recovery goes as expected, the rate of asset purchases could start soon and end in 2022. Describing the rise in inflation as temporary, Powell drew attention to the continuing risks on the economic outlook.
Following these developments, there was a significant pressure on silver prices, which turned slightly down with the strengthening dollar. In addition, we saw that the US 10-year bond yields decreased to 1.30 percent after the meeting. While there was a slight upward movement in weekly unemployment benefits in the USA, it is seen that the strong dollar scenario did not deteriorate after the Manufacturing PMI figure remained below the expectations with 60.5. Among the other issues on the agenda, it can be mentioned that Evergrande's restructuring of its debts has a positive effect on the indexes. Thus, we can say that the upward momentum on the safe harbor side is somewhat limited.
In the event that the pullback movement, which was formed up to 22.50 in silver prices, the decreases in commodities may reach 22.0. Below this level, 21.50 and 21.0 support levels continue to be updated. However, if the returns from the 22.50 level accelerate the upward momentum, we continue to follow the 23.0 initial resistance above, and the 23.50 and 24.0 resistance levels above this level.