Fx News

Silver Price Analysis: XAG/USD aims to shift auction profile above $24.00

Shot of a programmer working on a computer code at night

Silver rate wishes to overstep $24.30 for a volatility contraction breakout.
The asset is exhibiting topsy-turvy strikes in a vary of 23.45-24.30 for the previous two weeks.
Advancing 200-EMA suggests that the upside style is nevertheless solid.
Silver rate (XAG/USD) is failing to maintain above the round-level resistance of $24.00. The white steel is anticipated to stay sideways as buying and selling pastime will stay quiet amid the festive mood. The US Dollar Index (DXY) dropped sharply on Friday after a consolidation breakdown of the 103.47-104.57 range.

S&P500 remained uneven on Friday however ended the final buying and selling session of CY2023 with a slight sell-off. The 10-year US Treasury yields benefitted from warning in the world market and climbed to 3.88%.

On a four-hour scale, the Silver rate is exhibiting a volatility contraction chart pattern that shows lackluster overall performance however a breakout of the equal outcomes in heavy quantity and wider ticks. The asset is showing topsy-turvy strikes in a vary of 23.45-24.30 for the previous two weeks.

Meanwhile, the 50-period Exponential Moving Average (EMA) at $23.77 is overlapping with the Silver price, which suggests a consolidation on a non permanent basis.

While, the 200-period EMA at $22.75 is aiming higher, which suggests that the upside vogue is nevertheless solid.

The Relative Strength Index (RSI) (14) is oscillating in a 40.00-60.00 range, which shows directionless motion as buyers look forward to sparkling impetus for a decisive move.

For an upside, the Silver charge wishes to surpass December 21 excessive at $24.30, which will be a breakout of the volatility contraction and will pressure the asset closer to April 22 excessive at $24.67 observed by means of the psychological resistance at $25.00.

On the flip side, a ruin beneath December sixteen low at $22.56 will drag the asset towards November 15 excessive at $22.25. A slippage beneath the latter will expose the asset for extra draw back towards November 24 excessive at $21.68.

Related posts
Fx News

USD/CHF Price Analysis: Slides below 200-HMA but 0.9045 appears a tough nut to crack for bears

USD/CHF is facing selling pressure and has reached an intraday low of 0.9060, snapping a two-day…
Read more
Fx News

Natural Gas Price Analysis: XNG/USD recovers to $2.35 on softer US Dollar as US inflation looms

Natural Gas Price (XNG/USD) continues its rebound and is trading near the intraday high around…
Read more
Fx News

BoJ’s Wakatabe: The central bank communication would be very interesting

Bank of Japan (BoJ) policymaker Masazumi Wakatabe expressed his views in a Bloomberg TV interview on…
Read more
Newsletter
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *