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Silver price (XAG/USD) faces nominal selling pressure after printing a fresh two-year high at $26.30 in the European session on Wednesday. The near-term demand for the white metal is upbeat due to deepening geopolitical tensions and a correction in the US Dollar.
Major agencies have accused Israel’s military for targeting charity staff who were advised to deliver necessities to civilians in Gaza. Non-yielding assets, such as Silver, expect higher investment in times of geopolitical uncertainty.
Meanwhile, a corrective move in the US Dollar has also boosted demand for silver. The US Dollar Index (DXY) drops to 104.73 despite upbeat United States Manufacturing PMI for March has improved the economic outlook.
In today’s session, investors will focus on the Federal Reserve (Fed) Chairman Jerome Powell’s speech, and the release of the ADP Employment Change and the Services PMI for March. Fed Powell’s speech could provide clues about when the central bank will start reducing interest rates. The ADP agency will report the number of jobseekers recruited by private employers.
Later this week, the release of the US Nonfarm Payrolls (NFP) data for March will be the major event. The official labor market data could influence market expectations for Fed rate cuts at the June meeting.
Silver price prints a fresh two-year high at $25.30 after break above the crucial resistance of $26.22, plotted from 22 April 2022. The near-term demand is strong as the 20-week Exponential Moving Average (EMA) at $24.08 is sloping higher.
The 14-period Relative Strength Index (RSI) moves into the bullish range of 60.00-80.00, indicating that momentum towards the upside is strong.
Silver price (XAG/USD) jumps to $25.80 after the United States Bureau of Labor Statistics (BLS) reported steady United States JOLTS Job Opening figures for February. US employers posted 8.756 million, against expectations of 8.74 million, and the former release of 8.748 million. This indicates that the labor demand is steady.
The market sentiment is downbeat as the S&P 500 has opened on a negative note. Easing Federal Reserve (Fed) rate cut expectations for the June meeting has turned investors risk-averse. 10-year US Treasury yields soar to 4.40%. The US Dollar Index (DXY) dips to 104.70 after refreshing a four-month high at 105.10.
The US Dollar struggles to maintain strength despite the upbeat US Manufacturing PMI for March, which has strengthened the US economic outlook further. The Institute of Supply Management (ISM) reported that the Manufacturing PMI landed above the 50.0 threshold for the first time after contracting for 15 straight months.
This week, investors will focus on the US Nonfarm Payrolls (NFP) data for March, which will be published on Friday. The labor market data will provide fresh cues about when the Federal Reserve (Fed) will start reducing interest rates.
Silver price is inch away from testing annual highs at $26.14, formed on May 5. The near-term demand for the white metal is bullish as the 20-day Exponential Moving Average (EMA) at $24.63 is sloping higher.
The 14-period Relative Strength Index (RSI) oscillates in the 60.00-80.00 range, indicating that the bullish momentum is intact.
Silver (XAG/USD) gains positive traction for the fourth straight day on Tuesday and climbs further beyond mid-$25.00s during the first half of the European session, back closer to the YTD peak touched last week.
From a technical perspective, the recent bounce from the $24.35 resistance-turned-support zone and a subsequent strong move up favours bullish traders. Moreover, oscillators on the daily chart are holding in the positive territory and are still far from being in the overbought zone, suggesting that the path of least resistance for the XAG/USD is to the upside.
Hence, some follow-through strength towards testing the December 2023 swing high, just ahead of the $26.00 round figure, looks like a distinct possibility. Some follow-through buying would mark a fresh breakout and allow the XAG/USD to resume its recent strong upward trajectory witnessed since late February.
On the flip side, any meaningful corrective decline is more likely to attract fresh buyers near the $25.00 psychological mark. The next relevant support is pegged near the $24.65 region. A convincing break below the latter could drag the XAG/USD towards the aforementioned resistance-turned-support, around the $24.35 zone, which should act as a key pivotal point.
Some follow-through selling might shift the bias in favour of bearish traders and make the XAG/USD vulnerable to accelerate the decline further towards the $24.15-$24.10 region. The white metal could eventually weaken below the $24.00 round-figure mark, towards the 50-day Simple Moving Average (SMA), currently pegged near the $23.60 zone.
The XAG/USD pair is trading near the $24.98 level, mostly neutral during Monday's session. This comes after the signals of resilience in the US economy underscored by the recent Institute for Supply Management (ISM) report and the surprising uptick in the Manufacturing Purchasing Managers' Index (PMI). In that sense, the resilience of the US economy fueled a rise in hawkish bets on the Federal Reserve (Fed) in hand with higher US Treasury yields which made the grey metal decline.
The recent figures from the Institute for Supply Management (ISM) report have brought a breath of fresh air to perceptions of the US economy, revealing an uptick in business activity for March. This comes as a signal of economic robustness, a sentiment echoed by the Manufacturing Purchasing Managers' Index (PMI) which climbed to 50.3 in March. This figure not only surpassed the forecasted 48.4 but marked a noticeable advance from February's 47.8. Meanwhile, the ISM report's Prices Paid Index leaped to an annual high of 55.8, a level not seen since it stood at 52.5 in August 2022.
This pattern of improvement might lead the Federal Reserve (Fed) to think twice about easing its monetary policy. Market reactions were swift, with the likelihood of a rate cut at the Fed's June meeting plummeting from 85% to around 65% in response to the enduring resilience of the US economy. The bond market has also felt the ripples of these developments, with a notable surge in US Treasury bond yields, often seen as the cost of holding non-yielding metals, with the 2-year yield rising to 4.71%, while both the 5-year and the 10-year yields are at 4.33%, all pointing to a sharp uptick and possibly reflecting increased hawkish bets on the Fed.
Looking ahead, key US labor market indicators such as Nonfarm Payrolls, Average Hourly Earnings, and the Unemployment Rate are highly anticipated. These figures are poised to provide deeper insights into the current health and trajectory of the country's workforce, offering critical clues to both policymakers and investors.
On the daily chart, the Relative Strength Index (RSI) reveals a positive trend for the XAG/USD. The RSI reading, nestled in the positive territory, remains steady affirming the dominance of buyers, which may lead to continued upward momentum. However, the Moving Average Convergence Divergence (MACD) stands in negative territory, printing red bars which suggests that there is a mild bearish presence.
When scrutinizing the overall trend, the XAG/USD currently sits above the 20-day, 100-day, and 200-day Simple Moving Averages (SMA), denoting strong upward momentum over the larger time frames.
Silver (XAG/USD) builds on last week's bounce from the $24.35 resistance-turned-support zone and gains positive traction for the third successive day on Monday. The white metal sticks to its intraday gains through the first half of the European session and currently trades around the $25.15 region, just below a more than one-week top touched earlier today.
Meanwhile, mixed technical indicators on the daily chart warrant some caution for bullish traders. Hence, any subsequent move up is more likely to confront stiff resistance near the $25.65-$25.75 region, or the YTD peak touched in March. This is closely followed by the December 2023 swing high – levels just ahead of the $26.00 round figure. A sustained strength beyond the said handle should allow the XAG/USD to resume its recent strong uptrend witnessed since late February.
On the flip side, weakness back below the $25.00 psychological mark is likely to attract fresh buyers near the $24.65 region. This should help limit the downside for the XAG/USD near the aforementioned resistance-turned-support, around the $24.35 zone. The latter should act as a key pivotal point, which if broken decisively might shift the bias in favour of bearish traders and drag the white metal to the next relevant support near the $24.15-$24.10 region en route to the $24.00 mark.
Some follow-through selling would make the XAG/SUD vulnerable to accelerate the downward trajectory further towards the 200-day Simple Moving Average (SMA), currently pegged around the $23.35-$23.30 region.
Silver price (XAG/USD) advances to $24.70 in the late Asian session on Thursday. The white metal posts gains ahead of the United States core Personal Consumption Expenditure Price Index (PCE) data for February, which will be published on Friday.
Core PCE will provide cues about when the Federal Reserve (Fed) will begin reducing interest rates. The annual underlying inflation data is estimated to have grown steadily by 2.8%, with monthly growth declining to 0.3% from 0.4% in January.
Currently, market expectations indicate that the Fed will cut interest rates from the June policy meeting. The expectations also show that there will be three rate cuts by the year-end, as projected by Fed policymakers in the monetary policy meeting last week.
According to the CME FedWatch tool, traders are pricing in 64% chance that the Fed will trim interest rates in June.
Meanwhile, the US Dollar Index (DXY) edges down slightly from monthly highs of 104.50. The USD Index is broadly sideways in a 104.00-104.50 range from last four trading sessions. The US core PCE inflation is expected to support the USD index to blown out the consolidation. 10-year US Treasury yields rebound to 4.21% after falling sharply to 4.18% on Wednesday.
Silver price consolidates in a range of $24.32-$25.00 from a week. This exhibits an indecisiveness among market participants. The 20-period Exponential Moving Average (EMA) at $24.60 remain stick to the spot price, demonstrating a sideways trend.
The 14-period Relative Strength Index (RSI) oscillates in the 40.00-60.00 zone, indicating a sharp volatility contraction.
Silver (XAG/USD) oscillates in a narrow trading band through the first half of the European session and consolidates its recent losses to a two-week low touched earlier this Wednesday. The white metal currently trades just below the mid-$24.00s and seems vulnerable to prolonging its recent pullback from the YTD peak touched last week.
That said, mixed technical indicators on the daily chart and failure to break through the 38.2% Fibonacci retracement level of the February-March rally, warrant some caution for aggressive bearish traders. Hence, it will be prudent to wait for some follow-through selling below the $24.30 support zone before positioning for a further depreciating move. The XAG/USD might then weaken further below the $24.00 round-figure mark and test the 50% Fibo. level near the $23.85 zone.
The subsequent downfall has the potential to drag the white metal to the $23.40 confluence, comprising the 61.8% Fibo. and the very important 200-day Simple Moving Average (SMA), en route to the $23.00 round-figure mark. Failure to defend the latter might expose the next relevant support near the $22.45 region.
On the flip side, any attempted recovery is likely to attract fresh sellers and remain capped near the $25.00 psychological mark. That said, a sustained strength beyond the said handle might trigger a bout of a short-covering rally and lift the XAG/USD to the $25.50 region en route to the YTD peak, around the $25.75-$25.80 region. This is followed by the December 2023 swing high, just ahead of the $26.00 round figure, which if cleared will set the stage for additional near-term gains.
Silver (XAG/USD) comes under some selling pressure on Tuesday and remains depressed near mid-$24.00s through the first half of the European session. Meanwhile, the technical setup seems tilted in favour of bearish traders and supports prospects for an extension of last week's sharp retracement slide from the $25.75-$25.80 region, or its highest level since early December.
The XAG/USD now seems to have found acceptance below the $24.85-$24.80 horizontal support, which coincides with the 23.6% Fibonacci retracement level of the February-March rally. The subsequent slide, however, stalled near the $24.40 area, just ahead of the 38.2% Fibo. level, which should now act as a key pivotal point. Meanwhile, mixed oscillators on the daily chart make it prudent to wait for some follow-through selling below the said support before positioning for any further losses.
The XAG/USD might then accelerate the corrective decline further towards the $24.00 round figure before dropping to 50% Fibo. level support, around the $23.85 region. This is followed by the $23.35 confluence, comprising the 61.8% Fibo. and the very important 200-day Simple Moving Average (SMA). A convincing break below the latter will be seen as a fresh trigger for bearish traders and drag the white metal below the $23.00 mark, towards the next relevant support near the $22.45 region.
On the flip side, any attempted recovery is likely to attract fresh sellers and remain capped near the $25.00 psychological mark. That said, a sustained strength beyond the said handle might trigger a bout of a short-covering rally and lift the XAG/USD to the $25.50 region en route to the YTD peak, around the $25.75-$25.80 region. This is followed by the December 2023 swing high, just ahead of the $26.00 round figure, which if cleared decisively will set the stage for a further near-term appreciating move.
Silver price (XAG/USD) is trading in the $24.750s on Friday, after touching the top of a multi-month range at roughly $25.700 and reversing lower.
Silver formed a Bearish Engulfing Japanese candlestick pattern on the daily chart on Thursday, which reinforces the reversal and suggests more downside in the short-term.
Silver versus US Dollar: Daily chart
The Moving Average Convergence/ Divergence (MACD) momentum indicator is threatening to cross below its signal line, adding credence to the bearish reversal. The MACD is a particularly reliable indicator within range-bound markets and a cross would provide a good sell signal.
If the pair breaks below 24.405 it will probably continue south to a potential target at the cluster of major moving averages, in the lower 23.000s, starting with the 100-day Simple Moving Average (SMA) at 23.475.
A break back above the 25.770 highs of Thursday, however, would indicate a probable extension of the uptrend.
A decisive break above the range highs would indicate even more bullish momentum higher. Such a move would be expected to then reach a conservative target at the 0.618 extrapolation of the height of the range from the breakout point higher, and a target at 28.524.
Silver (XAG/USD) extends the previous day's sharp retracement slide from the $25.75-$25.80 region, or its highest level since early December and remains under some selling pressure for the second straight day on Friday. The white metal maintains its offered tone through the early part of the European session and is currently placed around mid-$24.00s, just above a one-and-half-week low touched earlier today.
From a technical perspective, the overnight breakdown through the $24.85-$24.80 horizontal support, coinciding with the 23.6% Fibonacci retracement level of the February-March rally was seen as a fresh trigger for bearish traders. The subsequent slide, however, stalls ahead of the 38.2% Fibo. level, which should now act as a key pivotal point. Meanwhile, oscillators on the daily chart – though have been losing traction – are still holding in the positive territory.
Hence, it will be prudent to wait for a sustained break below the said support near the $24.30 region before positioning for any further depreciating move for the XAG/USD. The corrective decline could then drag the white metal below the $24.00 round-figure mark, towards testing the 50% Fibo. level support near the $23.85 zone en route to the $23.40 confluence, comprising the 61.8% Fibo. and the very important 200-day Simple Moving Average (SMA).
On the flip side, the $24.80 horizontal support breakpoint could act as an immediate hurdle ahead of the $25.00 psychological mark. A sustained strength beyond the latter might trigger a bout of a short-covering rally towards the $25.50 region en route to the YTD peak, around the $25.75-$25.80 region. This is followed by the December 2023 swing high, just ahead of the $26.00 round figure, which if cleared decisively will set the stage for additional gains.
Silver's price plunged on Thursday amidst a risk-off impulse, reinvigorating the US Dollar. Consequently, the grey metal dropped more than $0.70, or 3.15%, as the XAG/USD traded at $24.75 after hitting a daily high of $25.77.
Silver is witnessing a downturn, as price action has formed a ‘bearish engulfing’ chart pattern in the last couple of days. Even though the 50-day moving average (DMA) has crossed above the 200-DMA, forming a classic ‘golden cross’ indicating that bulls are gathering steam, momentum suggests the opposite.
The Relative Strength Index (RSI) is hovering just below 60 after peaking around 70, indicating that moderate buying pressure remains. However, the RSI's descent from higher levels suggests that momentum might wane, and bears could gain ground.
The recent pullback has seen the price retreat from resistance near the $26.00 mark. Immediate support is found near December’s 22 high turned support at $24.60, followed by the $24.00 level. A breach of the latter could open a path towards the $23.00 area, marked by the previous cycle lows.
On the other hand, an XAG/USD daily close above $25.00 could pave the way for challenging yearly highs at $25.77, followed by last year’s high at $25.91.
Silver price (XAG/USD) extends its upside to $25.70 in Thursday’s European session. The white metal is an inch away from reclaiming an 11-month high at $26.14. The appeal for precious metals has strengthened after the Federal Reserve’s (Fed) monetary policy announcement on Wednesday.
For the fifth time in a row, the Fed kept key borrowing rates unchanged in the range of 5.25%-5.50%, as expected. The appeal of the US Dollar weakened after the Fed stuck with three rate cut projections for this year. This led to a significant increase in market expectations for the Fed to lower interest rates from the June meeting.
According to the CME FedWatch tool, the chances for a rate cut have increased to almost 75% from 59%, which was recorded before the Fed’s policy announcement. Expectations for Fed rate cuts in June rose significantly despite the Fed's failure to provide any meaningful timeframe for rate cuts, as it lacks evidence that inflation will sustainably decline to the 2% target.
Meanwhile, the demand for risk-sensitive assets improves as investors seem confident that rate cuts will start in June. S&P 500 futures have posted significant gains in the London session. 10-year US Treasury yields have dropped slightly to 4.26%. The US Dollar Index (DXY) recovers intraday losses but broadly seems weak.
Silver price approaches the 11-month high at $26.14. The near-term demand is bullish as the 20-day Exponential Moving Average (EMA) at $24.35 is sloping higher. The 14-period Relative Strength Index (RSI) oscillates in the bullish range of 60.00-80.00, indicating that momentum leans towards the upside. Bullish momentum remains unabated as the momentum oscillator is still far from turning overbought.
If the Silver price breaks above its 11-month high at $26.14, it will discover more upside. This would open upside towards the 8 March 2022 high at $26.95, followed by the 15 September 2020 high at $27.83.
In an alternate scenario, a breakdown below December 22 high at $24.61 would expose the asset to 12 March low at $24.00 and January 30 high at $23.30.
Silver prices climbed on Wednesday after the US central bank, the Federal Reserve, held rates unchanged, delivering a “dovish” hold. Consequently, US Treasury yields edged down, and the Greenback remained pressured, as shown by the US Dollar Index (DXY), down 0.37% at 103.44. Therefore, XAG/USD trades at $25.61, up close to 3%.
Silver rallied sharply above the $25.50 rea, hitting a daily high at $25.63. A further upside is seen above that area, with grey metal traders eyeing $26.00 a troy ounce as the next key resistance level. Once those two levels are taken out, the next supply zone would be the April 18, 2022, high at $26.21, followed by the March 8, 2022, high at $26.94.
If sellers move in and drag prices below March 15’s high of $25.43, look for a drop toward $25.00. Once cleared, the next stop would be the December 22 high turned support at $24.60, followed by the $24.00 mark.
In Wednesday's session, the XAG/USD traded at $24.90, marking a 0.20% increase. While investors await the Federal Reserve (Fed) decision, the US Treasury bond yields, often seen as the cost of holding non-yielding metals, remain calm but could face aggressive movements if the bank delivers a dovish or hawkish surprise.
Markets will closely look at the updated Dot Plots and see if the Fed officials still see 100 bps of easing in 2024. As for now, Jerome Powell was seen somewhat dovish in his testimony before Congress while the Fed officials remained cautious. Meanwhile, the odds of a cut in May remain low while the doves continue to bet on the easing cycle to kick off in June.
Based on the indicators of the daily chart, the Relative Strength Index (RSI) for the XAG/USD pair leans positive, predominantly displaying values in the 60s range. This reveals a dominance of buyers in the market, deepening the positive terrain. Combined with the decreasing green bars of the Moving Average Convergence Divergence (MACD) histogram, momentum seems to shift towards a slight downturn. Still, the bullish phase with moderate volatility is maintained.
From a Simple Moving Average (SMA) analysis perspective, the pair is above the 20, 100, and 200-day SMAs, suggesting that the bulls have firm control in the overall trend.
Silver price loses ground for the third consecutive session, trading lower near $24.90 per troy ounce during early European trading hours on Wednesday. Silver price encounters challenges as the market adopts a cautious stance ahead of the Federal Reserve (Fed) interest rate decision.
The Fed is widely expected to maintain its current interest rates at March’s policy meeting. However, the potential for a hawkish tone from the Fed could exert pressure on metal prices, including Silver. Investors are closely monitoring the Fed's decision for any signals that may impact the future trajectory of interest rate cuts in 2024 and, consequently, metal prices.
Fed Chair Jerome Powell's press conference was a critical focal point. A hawkish stance from the Fed, suggesting prolonged high rates, could dampen demand for gold and its counterparts, reversing recent gains driven by rate cut expectations.
While other major central banks are expected to leave their current interest rates unchanged, market attention will focus on signals regarding the potential initiation of monetary easing. Inflationary pressures from the United States (US) prompted a readjustment of the probability of interest rate cuts in the June and July meetings by the Fed to around 59.2% and 76.0%, respectively. The prospect of higher interest rates has diminished the appeal of non-yielding assets like Silver.
Nevertheless, Silver could have received support from rising geopolitical tensions and an improved industrial outlook from China, the top metals consumer. China's industrial production, fixed asset investment, and retail sales have exceeded forecasts. The People's Bank of China (PBoC) has decided to keep policy rates unchanged at 3.45%.
Silver (XAG/USD) remains under some selling pressure for the second successive day on Tuesday and retreats further from the YTD peak, around the $25.45 region touched last week. The white metal continues losing ground through the first half of the European session and drops to a fresh daily low, around the $24.85-$24.80 area in the last hour.
From a technical perspective, the recent breakout through the very important 200-day Simple Moving (SMA) and a subsequent strength beyond the $24.50-$24.60 horizontal barrier favour bullish traders. Moreover, oscillators on the daily chart – though have been retreating from higher levels – are still holding comfortably in the positive territory. This, in turn, supports prospects for the emergence of some dip-buying and warrants some caution before positioning for any further depreciating move.
Meanwhile, the $24.60-$24.50 resistance breakpoint now seems to protect the immediate downside. Any further decline could be seen as a buying opportunity and is more likely to remain limited near the $24.15-$24.10 region. This is followed by the $24.00 round-figure mark, which if broken decisively might shift the bias in favour of bearish traders. The XAG/USD might then accelerate the corrective decline back towards the 200-day SMA support, currently pegged near the $23.35-$23.30 region.
On the flip side, momentum back above the $25.00 psychological mark might confront some resistance near the $25.20 region ahead of the YTD peak, around the $25.45 area. Some follow-through buying will reaffirm the near-term positive outlook and allow the XAG/USD to aim back to challenge the December 2023 swing high – levels just ahead of the $26.00 round figure. The latter should act as a pivotal point, which if cleared will pave the way for an extension of over a two-week-old uptrend.
Silver's price dropped toward $25.00 a troy ounce on Monday as US Treasury bond yields rose ahead of the Federal Open Market Committee (FOMC) meeting. The US 10-year Treasury bond yield advance underpins the Greenback, a headwind for the precious metal. Therefore, XAG/USD trades at around $25.03, down by 0.57% at the time of writing.
The grey metal daily chart formed a ‘bearish harami’ candlestick chart pattern that suggests prices might edge to the downside, though sellers need to extend Silver’s losses beneath the March 15 swing low of $24.79. It should be said that the Relative Strength Index (RSI) indicator was barren from entering overbought conditions, keeping its bullish bias intact. However, the RSI edges lower, and if XAG/USD falls below $25.00, that might open the door to challenge December’s 22 high turned support at $24.60. Further downside is seen at $24.00.
On the other hand, if buyers hold XAG/USD spot price above $25.00, that could open the door to test the current year-to-date (YTD) high of $25.44 ahead of $26.00.
Silver's price shines on Friday and registers solid gains of more than 1.40%, shrugging off Gold’s two consecutive days of losses. It rises 1.52%, trading at $25.18 a troy ounce at the time of writing. XAG/USD advanced even though the Greenback remains strong, underpinned by high US Treasury bond yields.
During the session, Silver printed a new year-to-date (YTD) high of $25.44, but the advance toward $26.00 was capped by an upslope support trendline that turned resistance. That sent XAG/USD retreating toward the current price levels. Nevertheless, the Relative Strength Index (RSI) indicator is still bullish, indicating that bullish momentum remains in charge, and the $26.00 resistance level could be up for grabs.
On the other hand, if XAG/USD falls below $25.00, sellers could launch an assault towards the $24.50 area, followed by the March 12 daily low of $24.01.
Silver (XAG/USD) attracts fresh buyers following the previous day's modest slide and sticks to its gains near the YTD peak, above the $25.00 psychological mark through the early part of the European session on Friday.
From a technical perspective, the recent breakout through the very important 200-day Simple Moving (SMA) and a subsequent strength beyond the $24.50-$24.60 horizontal barrier was seen as a fresh trigger for bullish traders. This, in turn, suggests that the path of least resistance for the XAG/USD is to the upside. That said, the Relative Strength Index (RSI) on the daily chart is on the verge of breaking into overbought territory and warrants some caution.
Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before positioning for the next leg of a move-up. Nevertheless, the XAG/USD seems poised to climb further beyond an intermediate hurdle near the mid-$25.00s, towards challenging the December 2023 swing high – levels just ahead of the $26.00 round figure. Some follow-through buying should pave the way for an extension of over a two-week-old bullish trend.
On the flip side, the $24.80-$24.75 region now seems to protect the immediate downside ahead of the $24.50 horizontal resistance breakpoint. Any subsequent decline is likely to attract fresh buyers and remain limited near the $24.15-$24.10 region. Some follow-through selling below the $24.00 mark, however, might shift the bias in favour of bearish traders and drag the XAG/USD back towards the 200-day SMA support, currently pegged near the $23.35-$23.30 region.
Silver’s price retreated below $25.00 per troy ounce as US Treasury yields climbed following US data that induced investors to trim Fed rate cut bets. Consequently, the US Dollar rallied, and the XAG/USD exchanged hands at $24.80, down 0.79%.
Silver remains upward biased despite retreating below the $25.00 figure. Although it achieved a daily close around $24.80, the grey metal remains poised for gains that could drive prices toward the $25.50 area and beyond. The next stop would be the December 4 high at $25.91, and up next would be the $26.00 mark.
On the other hand, if sellers stepped in and drove XAG/USD prices below $24.50, the first key support level is seen at $24.07, the March 13 daily low. Once surpassed, the next stop would be $24.00, followed by the confluence of the 100 and 200-day moving averages (DMAs) at $23.29/30.
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