EUR/USD 1.16270
-0.197%
Gold 3340.15
-0.238%
Oil 62.576
-0.327%
USD/JPY 147.834
0.361%
GBP/USD 1.34336
-0.155%
GBP/JPY 198.575
0.202%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The preliminary value of the S&P Global Manufacturing PMI in the United States in August was 53.3, expected to be 49.5, and the previous value was 49.8.The preliminary value of the S&P Global Composite PMI in the United States in August was 55.4, expected to be 53.5, and the previous value was 55.1.The preliminary reading of the S&P Global Services PMI in the United States in August was 55.4, expected to be 54.2, and the previous value was 55.7.What hints are emerging from the Gold VIP Market Monitoring Tool ahead of Federal Reserve Chairman Powells speech? Pay attention to the defensive and resistance levels at these levels. 4H indicator resonance points summary: Strongest resistance is at 3348.01 (38.2% Fibonacci retracement level of the daily moving average + previous daily high); Strongest support is at 3332.52 (4H Bollinger Band middle line + multi-period moving average support). The real-time long-short order ratio is 49.45% long, 50.44% short, indicating near-equal strength between bulls and bears. Opportunity alerts are also lackluster, suggesting a lack of clear market direction. Real-time order flow: The 1-hour POC (Positive Odds) is at 3340.4, a potential short-term bull-bear boundary; while the VAH (Vast Odds) is at 3345.4, a significant short-term resistance level. Smart Money Indicator (4H level): The primary short order block above is at 3342-3358.3, with stronger resistance at 3381.5-3409.2; the dense long order block extends all the way to 3250 below 3295.4.French President Macron: Spoken with Indian Prime Minister Modi to coordinate positions on Ukraine issue.

XAGUSD maintains stability above the middle of $21.00, around the 200 DMA pivot point

Alina Haynes

Nov 14, 2022 18:45

184.png 

 

Silver has modest buying interest near $21.30 on Monday and reaches a new daily high during the first half of the European trading session. The white metal is currently trading in the $21.65-$21.70 range, but remains below Friday's five-month high.

 

In a broader context, the XAGUSD has struggled to capitalize on its upward rise beyond the extremely significant 200-day simple moving average (SMA). Before positioning for any additional near-term appreciation, it would be advisable to await some follow-through buying.

 

From current levels, the multi-month high near $22.05 could represent an immediate obstacle. The next significant resistance is located in the $22.45-$22.50 supply zone, which, if broken, will provide as a new bullish trigger and pave the way for further rises.

 

The XAGUSD might then accelerate its momentum towards $23.00 and eventually ascend to the May swing high in the vicinity of $23.25-23.30. Given that the RSI on the daily chart is on the edge of entering the overbought zone, the latter should prove difficult for bulls to overcome.

 

In contrast, the zone around the daily low of $21.35 presently appears to safeguard the immediate downside. Any more decline might be viewed as a buying opportunity and should be contained near $21.00, which could now serve as a pivot point for short-term traders.

 

A decisive breach below might spark technical selling and bring the XAGUSD below the $20.40 support zone. Failure to defend the aforementioned support levels could nullify the near-term bullish picture and change the market's tilt towards negative traders.


Suggestion