The currency pair XAGUSD is fluctuating near $23.00, however, the upward momentum appears to be lacking strength.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER 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_level1)]

• XAG/USD wanders around $23.00, but the bullish momentum seems weak.

The pair currently trades last at 23.104.

The previous day high was 23.22 while the previous day low was 22.91. The daily 38.2% Fib levels comes at 23.1, expected to provide support. Similarly, the daily 61.8% fib level is at 23.03, expected to provide support.

On Tuesday’s session, Silver’s spot price XAG/USD traded neutral around $23.00, mainly limited to a strong USD whose DXY index jumped to a high of 104.90 and US yields slightly increased.

In addition, the economic calendar had nothing relevant to offer, and markets remained cautious ahead of the August US Consumer Price Index (CPI, expected to have accelerated by 0.5% MoM, while the Core measure is projected to increase by 0.2% MoM. At the same time, the expectations for Federal Reserve (Fed) tightening remain steady. The CME FedWatch tool indicates that while the market has already priced in a pause for the upcoming September 20 meeting, there’s still a 40% chance of one last interest rate hike in either December or November.

A hot inflation reading may fuel a rise in US bond yields, which could negatively impact Silver prices as they are considered the opportunity cost of holding non-yielding metals.

In the meantime, US Yields are edging higher on the day. The 10-year bond yield is seen at 4.29%, with mild gains on the day. The 2-year yield stands at 5.00% with 0.20% gains, and the 5-year yield is at 4.42%, also with mild gains.

Upon analysing the daily chart, a neutral to bearish is seen for the XAG/USD, with the bears maintaining control and bulls struggling to make a significant move. With a flat slope below its midline, the Relative Strength Index (RSI) suggests a period of stability in negative territory, while the Moving Average Convergence (MACD) exhibits shorter red bars. On the larger time frame, the pair is below the 20,100 and 200-day Simple Moving Averages (SMAs), suggesting that the buyers are struggling to overcome the overall bearish trend and the bears are still in charge.

Support levels: $22.80, $22.60, $22.30

Resistance levels: $23.50 (20 and 200-day SMA convergence), $23.70, $24.00.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.08 at the time of writing. Pair opened at 23.08 and is trading with a change of 0.0 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.58, 50 SMA 23.74, 100 SMA @ 23.82 and 200 SMA @ 23.47.

The previous day high was 23.22 while the previous day low was 22.91. The daily 38.2% Fib levels comes at 23.1, expected to provide support. Similarly, the daily 61.8% fib level is at 23.03, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 22.92, 22.75, 22.6
• Pivot resistance is noted at 23.24, 23.39, 23.56

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...