Metals are experiencing downward pressure after the release of better-than-anticipated economic data from the US.
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- Metals under pressure following stronger-than-expected US data.
The pair currently trades last at 24.172.
The previous day high was 25.04 while the previous day low was 24.52. The daily 38.2% Fib levels comes at 24.84, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.72, expected to provide resistance.
Silver has reversed sharply following the release of US economic data that came in above expectations. XAG/USD dropped from weekly highs above $25.00 to the $24.50 area in a few minutes, falling 1.50% on a daily basis. The metal also erased weekly gains.
The US economy grew at a 2.4% annual rate during the second quarter, above the market consensus of 1.8%. The report showed that the GDP deflator declined from 4.1% to 2.6% and the Core Personal Consumption Expenditures Index from 4.9% to 3.8%. The June Durable Goods Order report showed a 4.7% increase, above the estimated 1%. Initial Jobless Claims dropped to 221K, the lowest in five months.
The numbers triggered a rally for the US dollar across the board and sent US yields to the upside. Metals tumbled after the report, with Gold losing more than $20 since the data came out and trading at $1,955.
XAG/USD is testing the $24.50 area and below, with attention turning to the weekly low at the $24.25 area. The next support is seen at $24.00/23.95. The short-term outlook for Silver has turned negative, and a rebound above $25.00 would be needed to reverse it. Before that, an interim resistance emerges at $24.70.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 24.53 at the time of writing. Pair opened at 24.93 and is trading with a change of -1.6 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 24.53 |
| 1 | Today Daily Change | -0.40 |
| 2 | Today Daily Change % | -1.60 |
| 3 | Today daily open | 24.93 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 23.94, 50 SMA 23.63, 100 SMA @ 23.84 and 200 SMA @ 23.0.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.94 |
| 1 | Daily SMA50 | 23.63 |
| 2 | Daily SMA100 | 23.84 |
| 3 | Daily SMA200 | 23.00 |
The previous day high was 25.04 while the previous day low was 24.52. The daily 38.2% Fib levels comes at 24.84, expected to provide resistance. Similarly, the daily 61.8% fib level is at 24.72, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 24.62, 24.31, 24.1
- Pivot resistance is noted at 25.14, 25.35, 25.66
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 25.04 |
| Previous Daily Low | 24.52 |
| Previous Weekly High | 25.27 |
| Previous Weekly Low | 24.59 |
| Previous Monthly High | 24.53 |
| Previous Monthly Low | 22.11 |
| Daily Fibonacci 38.2% | 24.84 |
| Daily Fibonacci 61.8% | 24.72 |
| Daily Pivot Point S1 | 24.62 |
| Daily Pivot Point S2 | 24.31 |
| Daily Pivot Point S3 | 24.10 |
| Daily Pivot Point R1 | 25.14 |
| Daily Pivot Point R2 | 25.35 |
| Daily Pivot Point R3 | 25.66 |
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