EUR/USD 1.16420
0.047%
Gold 4204.85
0.339%
Oil 58.870
0.365%
USD/JPY 156.105
0.119%
GBP/USD 1.33305
0.071%
GBP/JPY 208.100
0.195%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The U.S. November NFIB Small Business Confidence Index will be released in ten minutes.Hungarian Foreign Minister Szijjártó: Due to an agreement reached with Washington, transactions related to the TurkStream gas pipeline are not subject to US sanctions.On December 9th, Volker Kurr, Head of European Affairs at Legal & General Asset Management, stated that the foreign exchange market has been unusually calm in recent months, with volatility expected to fall to multi-year lows in the second half of 2025. "Therefore, most forecasts anticipate only modest exchange rate movements in 2026." The asset management firm does not expect significant short-term volatility. Kurr explained that predicting events that could trigger sudden fluctuations is always extremely difficult; therefore, the firm hedges against the potential risks of such events by favoring the Japanese yen. "If exchange rate volatility remains low, a preference for the yen and a neutral stance on the dollar will not result in significant losses. However, if volatility unexpectedly rebounds, we can benefit from trading safe-haven assets."German Chancellor Merz: Some parts of the new US security strategy are unacceptable to Europe.On December 9th, in an interview, former Fed Vice Chair Lael Brainard stated that if she were to participate in the upcoming FOMC meeting, she might opt for a hawkish rate cut. Brainard indicated that, given the lack of official data, she would refer to employment data from non-governmental sources such as ADP and Revelio Labs (both of which show a decline in US job creation). Given that the Fed does not want to see the economy enter a self-reinforcing downward spiral leading to more layoffs, she personally favors one more rate cut, followed by maintaining the rate unchanged for a period, with a firm commitment to reducing inflation to 2% over the next two years—a so-called hawkish rate cut. She stated that for Americans, the primary concern is inflation and prices.

Silver Price Analysis: A positive expanding pattern helps XAG / USD move higher

Alina Haynes

Mar 01, 2023 11:47

263.png 

 

Silver is making a recovery after hitting new YTD lows at $20.43 per troy ounce and is rising toward the $20.80 region as Wall Street ends. At the moment of writing, the white metal is up 1.30% and is currently selling at $20.89.

 

Fundamental factors like a strong US Dollar (USD), up 0.32% per the US Dollar Index, and increasing UST yields put a stop to silver's rise. Despite this, Silver reached a daily high of $21.00 before partially reversing its gains.

 

Technically speaking, XAG / USD is developing a bullish engulfing candle pattern, which would accentuate a rise above $21.00, but it is still a long way from altering Silver's preference.

 

Tuesday's advances were supported by the Relative Strength Index (RSI), which emerged from depressed conditions at 30, and the Rate of Change (RoC), which shows that prior selling pressure is abating.

 

For a positive resumption, the XAG / USD must overcome the psychological $21.00 threshold. Once completed, that would open the door to challenging the 20 and 200-day Exponential Moving Averages (EMAs) at $21.82 and $21.89 a silver ounce, respectively, before testing the 100-day EMA at $22.09.

 

On the other hand, the XAG / USD next support would be $20.43, which, once crossed, would keep buyers in control and expose the white metal to new YTD lows. Prior to trying the daily low of $18.84 on November 3, the psychological $20.00 level would be the next floor.

Suggestion