Silver (XAG/UD) started the new week on a subdued note and consolidated last week's retracement slide from or above one-month highs. The white metal remained close to a two-week low touched on Friday and traded around the $30.55 area, or the 100-day Simple Moving Average (SMA), during the Asian session.
From a technical perspective, acceptance below the 100-day SMA will be seen as a fresh trigger for bearish traders against the backdrop of last week's failure near the $32.35 horizontal resistance. Given that oscillators on the daily chart have just started gaining negative traction, XAG/USD might then become vulnerable to weaken further below the $30.00 psychological mark and test November lows, around the $29.70-$29.65 area. Some follow-through selling should pave the way for an extension of the downward trajectory towards the $29.10-$29.00 support zone en-route the $28.40-$28.35 region before XAG/USD eventually drops to the $28.00 round figure.
On the flip side, any meaningful recovery attempts now seem to face stiff resistance and remain capped near the $31.00 mark. However, a sustained strength above the last might trigger a short-covering rally and lift XAG/USD towards the $31.75 horizontal barrier. The momentum could extend further towards the $32.00 round figure en-route monthly swing highs, around the $32.35 horizontal zone touched last week.
Source: FXStreet
Silver price (XAG/USD) edges lower after reaching $39.39, the highest since September 2011, and currently trading around $39.20 per troy ounce during the Asian session on Wednesday. The price of Silve...
Silver price (XAG/USD) edges lower to near $38.80 during the early European session on Tuesday. Still, the white metal is close to its decadal high around $39.00. The outlook of the white metal remain...
Silver prices climbed toward $38.5 per ounce on Monday, building on recent gains as the US dollar and Treasury yields retreated amid growing expectations for a Federal Reserve rate cut. Fed Governor ...
Silver price (XAG/USD) holds mild losses after two days of gains, trading around $38.20 per troy ounce during the Asian hours on Friday. The non-interest-bearing Silver attracts some sellers as the up...
Silver (XAG/USD) is edging lower on Thursday, trading around $37.57 after logging a modest gain of nearly 0.56% on Wednesday. The metal remains elevated after marking a 14-year high of $39.13 earlier ...
Gold price (XAU/USD) trades firmly above $3,400 during the European trading session on Wednesday, the highest level seen in over five weeks. The precious metal strengthens as global trade tensions continue to persist even as the United States (US)...
Silver prices (XAG/USD) weakened slightly after reaching $39.39, their highest level since September 2011, and are currently trading around $39.20 per troy ounce during the Asian session on Wednesday (July 23). Silver prices were pressured by...
Gold prices weakened on Wednesday (July 23) due to improved risk appetite after US President Donald Trump announced a trade deal with Japan ahead of the upcoming tariff deadline. However, a weaker dollar and lower Treasury yields limited losses for...
Asia-Pacific markets traded mixed Monday, as investors keep a close watch on the People's Bank of China's decision on its 1-year and 5-year loan...
A 19% U.S. tariff on Indonesian exports could take effect earlier than the previously expected August 1 deadline, Indonesia's chief economic...
European stocks posted slight declines on Monday (July 21st) as markets continued to assess the trade outlook in the European Union. The Eurozone...
European stocks opened the week on a cautious note, with both the STOXX 50 and STOXX 600 hovering near the flatline as investors closely monitor...