Metals continue to experience downward pressure following the Federal Reserve’s decision to halt its aggressive stance and recent negative economic indicators from the US.
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- Metals remain under pressure after the Fed’s hawkish pause and US data.
The pair currently trades last at 23.153.
The previous day high was 23.59 while the previous day low was 23.05. The daily 38.2% Fib levels comes at 23.39, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.26, expected to provide resistance.
Silver has lost more than 1.50% in the last two hours, dropping from $23.25 to $22.80, marking its lowest since last Friday. It remains below $23.00, indicating ongoing pressure. Gold is also falling sharply.
On Wednesday, following the FOMC meeting, metals began to decline from their weekly highs. Silver slid from above $23.50 and found support at $23.00. It briefly rebounded to $23.25 early on Thursday but turned lower again before the release of US data. The decline accelerated after the release of Jobless Claims, pushing Silver below $23.00.
US Initial Jobless Claims dropped more than expected during the week ending September 16 to 201K, the lowest reading since January. These numbers indicate that the labor market remains resilient despite the Federal Reserve’s tightening monetary policy.
US yields surged to fresh multi-year highs, while Wall Street futures printed new lows after Jobless Claims. Silver bottomed at $22.79 and, as of writing, it is trading at $22.94, down 1.45% for the day. The bearish pressure is likely to persist while it remains below $23.00. The next support level is at $22.60, followed by $22.45. A recovery above the 20-Simple Moving Average on the hourly chart, currently at $23.17, could strengthen the short-term outlook for silver.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.97 at the time of writing. Pair opened at 23.25 and is trading with a change of -1.2 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.97 |
| 1 | Today Daily Change | -0.28 |
| 2 | Today Daily Change % | -1.20 |
| 3 | Today daily open | 23.25 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.58, 50 SMA 23.72, 100 SMA @ 23.67 and 200 SMA @ 23.47.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.58 |
| 1 | Daily SMA50 | 23.72 |
| 2 | Daily SMA100 | 23.67 |
| 3 | Daily SMA200 | 23.47 |
The previous day high was 23.59 while the previous day low was 23.05. The daily 38.2% Fib levels comes at 23.39, expected to provide resistance. Similarly, the daily 61.8% fib level is at 23.26, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 23.0, 22.76, 22.46
- Pivot resistance is noted at 23.54, 23.84, 24.08
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 23.59 |
| Previous Daily Low | 23.05 |
| Previous Weekly High | 23.29 |
| Previous Weekly Low | 22.30 |
| Previous Monthly High | 25.02 |
| Previous Monthly Low | 22.23 |
| Daily Fibonacci 38.2% | 23.39 |
| Daily Fibonacci 61.8% | 23.26 |
| Daily Pivot Point S1 | 23.00 |
| Daily Pivot Point S2 | 22.76 |
| Daily Pivot Point S3 | 22.46 |
| Daily Pivot Point R1 | 23.54 |
| Daily Pivot Point R2 | 23.84 |
| Daily Pivot Point R3 | 24.08 |
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