#XAGUSD @ 18.929 Silver price registered losses for two consecutive days, dropping below the $19.00 figure. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Silver price registered losses for two consecutive days, dropping below the $19.00 figure.
• US Retail Sales rebounded unexpectedly, while weekly jobless claims dropped.
• Silver traders eye the University of Michigan Consumer Sentiment alongside next week’s FOMC decision.

The pair currently trades last at 18.929.

The previous day high was 19.7 while the previous day low was 19.24. The daily 38.2% Fib levels comes at 19.52, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.41, expected to provide resistance.

Silver prices are dropping for the second consecutive day amidst a risk-off impulse, courtesy of worries about an aggressive Fed and expectations of a 75 or 100 bps interest rate hike by the Fed. Therefore, US Treasury bond yields spiked, underpinning the greenback, a headwind for the white metal. At the time of writing, the XAG/USD is trading at $18.91, below the $19.00 handle.

Sentiment remains negative, with global equities registering losses. US data released on Thursday cemented the case for a third consecutive 75 bps rate hike by the Fed, with Retail Sales in August exceeding estimations for a drop of 0.1%, increasing by 0.3% MoM, but on an annual basis, missed the last number.

In the meantime, the US Labor Department revealed that unemployment claims for the week ending on September 10 diminished by 213K, less than forecasts of 227K, illustrating the tightness of the labor market.

Elsewhere, a tranche of regional Fed Manufacturing Indices was reported, led by the New York and Philadelphia Fed. The Empire State Index, albeit improving, failed to exit from contractionary conditions, while the Philadelphia Fed index tumbled to the contractionary territory after rebounding in the August report.

The US economic docket will feature the University of Michigan Consumer Sentiment alongside consumer inflation expectations.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 18.91 at the time of writing. Pair opened at 19.63 and is trading with a change of -3.62 % .

The pair is trading above its 20 Daily moving average @ 18.79, below its 50 Daily moving average @ 19.25 , below its 100 Daily moving average @ 20.41 and below its 200 Daily moving average @ 22.16

The previous day high was 19.7 while the previous day low was 19.24. The daily 38.2% Fib levels comes at 19.52, expected to provide resistance. Similarly, the daily 61.8% fib level is at 19.41, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 19.35, 19.07, 18.89
• Pivot resistance is noted at 19.81, 19.98, 20.26

[/s2If]
Join Our Telegram Group