The price of silver, represented by #XAGUSD, is aiming to surpass the $24.00 mark due to the weakening of the USD Index, while encountering a significant drop in sales.

…
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)]

• Silver price is hoping to shift its auction above $24.00 amid a sell-off in the USD Index.

The pair currently trades last at 23.978.

The previous day high was 23.94 while the previous day low was 23.22. The daily 38.2% Fib levels comes at 23.49, expected to provide support. Similarly, the daily 61.8% fib level is at 23.66, expected to provide support.

Silver price (XAG/USD) is looking for breaking above the crucial resistance of $24.00 in the European session. The white metal is getting strength as the US Dollar Index (DXY) is expected to resume its downside journey below 102.00.

The USD index has retreated after a less-confident pullback to near 102.29 as further ease in United States labor market conditions indicates that the Federal Reserve (Fed) could continue skipping interest rate hikes in July’s monetary policy meeting too.

On Tuesday, the US Department of Labor conveyed that initial jobless claims have landed higher than expectations straight for four weeks. For the week ending June 09, jobless claims landed at 262K, similar to their prior release while the street was anticipating a decline to 249K.

While upbeat monthly Retail sales data failed to provide strength to the US Dollar bulls. The anatomy of the Retail Sales report showed that demand for automobiles and building materials was extremely solid. The economic data was surprisingly expanded by 0.3% while the street was anticipating a contraction of 0.1% but the pace of expansion has slowed against the prior pace of 0.4%.

Meanwhile, S&P500 futures have recovered their entire losses while entering into the London session as the overall market mood is quite upbeat.

Silver price has climbed above the 38.2% Fibonacci retracement (plotted from May 26 low at $22.68 to June 09 high at $24.53) at $23.83 on an hourly scale. The 20-period Exponential Moving Average (EMA) at $23.83 is providing support to the Silver bulls.

The Relative Strength Index (RSI) (14) is looking to shift into the bullish range from the bearish range of 20.00-60.00. An occurrence of the same will activate the upside momentum.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 23.95 at the time of writing. Pair opened at 23.89 and is trading with a change of 0.25 % .

The pair is trading above its 20 Daily moving average @ 23.61, below its 50 Daily moving average @ 24.45 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.37

The previous day high was 23.94 while the previous day low was 23.22. The daily 38.2% Fib levels comes at 23.49, expected to provide support. Similarly, the daily 61.8% fib level is at 23.66, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.43, 22.97, 22.72
• Pivot resistance is noted at 24.15, 24.4, 24.86

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group