Silver (XAG/USD) oscillated in a narrow range around the $36.75 area during the Asian session on Thursday (June 19) and for now, seems to have stalled the previous day's modest decline from its highest level since February 2012. Meanwhile, the technical setup favors bullish traders and suggests that the path of least resistance for the white metal is to the upside.
A sustained strength beyond the $36.45-$36.50 mark confirms a breakout through a short-term descending trend channel, which constitutes the formation of a bullish flag pattern. Moreover, the Relative Strength Index (RSI) on the daily chart has also eased from the overbought territory. This, along with positive oscillators, validates the near-term constructive outlook for XAG/USD.
Hence, a subsequent move beyond the $37.00 round-figure, towards retesting multi-year highs around the $37.30-$37.35 region touched on Wednesday, looks a real possibility. Some follow-through buying beyond mid-$37.00s, or February 2012 highs, should enable XAG/USD to reclaim the $38.00 mark and climb towards the next relevant hurdle near the $38.50-$38.55 region.
On the flip side, the 50-period Simple Moving Average (SMA) on the 4-hourly chart, near the $36.55 region, could provide some support ahead of the trend-channel breakout point, currently around the $36.30 region. This is followed by the weekly lows, around the $36.15 region, and the round-figure. The latter should act as a key pivotal point, which if broken could shift the near-term bias in favor of bears.(alg)
Source: FXstreet
Silver prices held around $38 per ounce on Wednesday, hovering near two-week lows as investors remained cautious ahead of the Federal Reserve's policy announcement. The Fed is widely expected to keep...
Silver prices remained under pressure on Tuesday, holding below $38.20 per ounce and hovering near two-week lows as a strong US dollar continued to weigh on the market. The dollar's strength was suppo...
Silver price (XAG/USD) trades cautiously near its weekly low around $38.00 during the Asian trading session on Tuesday. The white metal struggles to gain ground as its safe-haven demand has diminished...
Silver prices remained under pressure on Monday, holding below $38.50 per ounce after falling more than 2% in the previous session, as recent trade agreements between the US and key partners dampened ...
The Silver price (XAG/USD) attracts some sellers to around $39.00 during the early European session on Friday. Optimism surrounding the US trade deal allayed trade war concerns and dampened demand for...
European stocks declined on Wednesday, with both the STOXX 50 and STOXX 600 slipping nearly 0.2%, reversing modest gains from the previous session, with investors continuing to focus on fresh corporate earnings. Hermès fell more than 2% after its...
The Nikkei 225 Index shed 0.05% to close at 40,655 while the broader Topix Index gained 0.4% to 2,920 on Wednesday, with Japanese shares struggling for clear direction as investors braced for the latest Bank of Japan monetary policy decision. The...
Silver prices held around $38 per ounce on Wednesday, hovering near two-week lows as investors remained cautious ahead of the Federal Reserve's policy announcement. The Fed is widely expected to keep interest rates unchanged, though markets are...
Europe's Stoxx 600 index erased earlier gains to close 0.23% lower as investors turned less positive over the details of the U.S.-EU trade...
The European Union and the U.S. will form a "metals alliance" to counter the impact of subsidised Chinese production on global markets, as part of...
European stock markets closed higher in Tuesday trading as the Stoxx Europe 600 was up 0.33%, Germany's DAX climbed 1.03%, the FTSE 100 gained...
The Dow Jones Industrial Average (DJIA) tested all-new record highs early Monday, clipping into the high side in early trading before the weight of...