The price of silver, represented by #XAGUSD, has reached a slightly lower point below $24.50, sitting at $24.360. Investors are now turning their attention towards the Federal Reserve’s policy.

…
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 has refreshed the day’s low marginally below $24.50 as the focus shifts to Fed’s policy.

The pair currently trades last at 24.360.

The previous day high was 24.92 while the previous day low was 24.59. The daily 38.2% Fib levels comes at 24.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.79, expected to provide resistance.

Silver price (XAG/USD) has printed a fresh day’s low at $24.45 in the early New York session. The white metal has sensed immense pressure as bullions have come under pressure ahead of the interest rate decision by the Federal Reserve (Fed), which will be announced on Wednesday.

S&P500 is expected to start the week on a positive note, following positive cues from overnight futures. The US Dollar Index (DXY) has tested the breakout of the consolidation formed around 101.00 after printing a high of 101.41. The 10-year US Treasury yields have dropped to near 3.81%.

Investors are hoping that the Fed will raise interest rates further by 25 basis points (bps) to 5.25-5.50%. Analysts at Goldman Sachs, the Federal Reserve’s widely-expected interest rate hike at its upcoming policy meeting next week will be “the last” of the US central bank’s long-running tightening cycle.

But before that, preliminary United States S&P Global PMI data for July will be in focus. As per the expectations, Manufacturing PMI is seen marginally expanding to 46.4 vs. the former release of 46.3. Services PMI is seen lower at 54.1 against the former release of 54.4. A figure below 50.00 is considered a contraction in economic activities.

Silver price has slipped below the 23.6% Fibonacci retracement (plotted from June 23 low at $22.11 to July 20 high at $25.27) at $24.53 on a two-hour scale. The 20-period Exponential Moving Average (EMA) at $24.67 is acting as a barricade for the Silver bulls.

Meanwhile, the Relative Strength Index (RSI) (14) has slipped into the bearish range of 20.00-40.00, which indicates that the downside momentum has been triggered.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.4 at the time of writing. Pair opened at 24.6 and is trading with a change of -0.77 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.66, 50 SMA 23.58, 100 SMA @ 23.73 and 200 SMA @ 22.91.

The previous day high was 24.92 while the previous day low was 24.59. The daily 38.2% Fib levels comes at 24.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.79, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 24.49, 24.38, 24.16
• Pivot resistance is noted at 24.82, 25.03, 25.15

[/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...