Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.
    2021
    Best News & Analysis Provider
    FxDailyInfo
    2022
    Best Forex Educational Resources Global
    International Business Magazine

    Silver Price Analysis: XAG/USD moves back above mid-$22.00s, flirts with weekly top

    Source Fxstreet
    Jan 24, 2024 08:37
    • Silver attracts some buyers for the second straight day and climbs back closer to the weekly top.
    • The technical setup warrants caution before positioning for any meaningful appreciating move.
    • A descending trend-line hurdle extending from the December swing high might cap further gains.

    Silver (XAG/USD) gains positive traction for the second straight day on Wednesday and recovers further from its lowest level since November 13, around the $21.95-$21.90 area touched earlier this week. The white metal builds on the intraday move-up through the first half of the European session and climbs to the top end of its weekly range, around the $22.60-$22.65 region in the last hour.

    From a technical perspective, any subsequent strength beyond the $22.75 zone is more likely to confront stiff resistance near the $23.00 round-figure mark. The said handle now coincides with a downward sloping trend-line extending from the December swing high, which if cleared decisively might trigger a short-covering rally. The XAG/USD might then accelerate the momentum beyond an intermediate hurdle near the $23.25-$23.30 area and aim to retest the very important 200-day Simple Moving Average (SMA), currently around mid-$23.00s.

    The latter should act as a key pivotal point and a sustained strength beyond will suggest that the XAG/USD has formed a near-term bottom and pave the way for a further near-term appreciating move. The white metal could then reclaim the $24.00 mark and extend the positive move further towards the next relevant hurdle near the $24.40-$24.50 region. That said, negative oscillators on the daily chart warrant some caution for aggressive bulls.

    On the flip side, the daily swing low, around the $22.35 zone, now seems to protect the immediate downside ahead of over a two-month low, around the $21.95-$21.90 region touched on Monday. Some follow-through selling will be seen as a fresh trigger for bearish traders and drag the XAG/USD to the $21.40-$21.35 support. The downward trajectory could extend further towards the $21.00 round figure en route to the October monthly swing low, around the $20.70-$20.65 region.

    Silver daily chart

    fxsoriginal

    Technical levels to watch

     

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
    placeholder
    WTI rebounds to near $78 ahead of crucial US inflation readingsWest Texas Intermediate (WTI), futures on NYMEX, is up 0.28% in Thursday’s European session after a strong recovery from $77.60 ahead of key United States Personal Consumption Expenditure Price Index (PCE) for January, which will be published at 13:30 GMT.
    Source  Fxstreet
    West Texas Intermediate (WTI), futures on NYMEX, is up 0.28% in Thursday’s European session after a strong recovery from $77.60 ahead of key United States Personal Consumption Expenditure Price Index (PCE) for January, which will be published at 13:30 GMT.
    placeholder
    WTI extends losses to near $76.00 due to concern over prolonging of higher interest ratesWest Texas Intermediate (WTI) oil prices extend their decline for the second consecutive session, hovering near $76.00 per barrel during the Asian trading session on Monday.
    Source  Fxstreet
    West Texas Intermediate (WTI) oil prices extend their decline for the second consecutive session, hovering near $76.00 per barrel during the Asian trading session on Monday.
    placeholder
    Gold price clings to gains near $2,030 ahead of FOMC minutesGold price (XAU/USD) extends its winning spell to a fifth day on Wednesday as Federal Reserve (Fed) policymakers appear to be divided between the hit of higher interest rates on the United States economy and any possible inflation uptick due to the deepening crisis in the Red Sea.
    Source  Fxstreet
    Gold price (XAU/USD) extends its winning spell to a fifth day on Wednesday as Federal Reserve (Fed) policymakers appear to be divided between the hit of higher interest rates on the United States economy and any possible inflation uptick due to the deepening crisis in the Red Sea.
    goTop
    quote