The price of silver nears $23.00 as the US Dollar remains weak.
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- Silver price climbs to near $23.00 as the US Dollar remains subdued.
The pair currently trades last at 22.673.
The previous day high was 22.78 while the previous day low was 22.41. The daily 38.2% Fib levels comes at 22.55, expected to provide support. Similarly, the daily 61.8% fib level is at 22.64, expected to provide support.
Silver price (XAG/USD) extends upside sharply to near the crucial resistance of $23.00 as the upside momentum in the US Dollar Index (DXY) fades after failing to sustain above 103.50. The white metal strengthens as investors hope that the impact of higher interest rates by the Federal Reserve (Fed) will be lower than keeping them higher for a longer period.
S&P500 opens on a mildly positive note as investors’ risk appetite improves. Overall market mood is still cautious as the United States inflation outlook turns extremely sticky due to stronger wage growth. The 10-year US Treasury yields continue to trade around 4.30% as robust consumer spending momentum elevates upside risks to inflation.
The US Dollar Index (DXY) finds some support near 103.00 as the US Department of Labor reported lower-than-expected jobless claims. Individuals claiming jobless benefits for the first time dropped to 239K vs. expectations of 240K and the former release of 250K for the week ending August 11.
Meanwhile, Federal Open Market Committee (FOMC) minutes released on Wednesday delivered a clear message that the inflationary environment is still uncertain and further policy action will be more dependent on the incoming data.
Silver price delivers a breakout of the Falling Wedge chart pattern formed on an hourly scale. A breakout of the aforementioned chart pattern results in a bullish reversal. Silver price climbs above the 50-period Exponential Moving Average (EMA) around $22.63.
A break by the Relative Strength Index (RSI) (14) above 60.00 will activate the bullish momentum.
Technical Levels: Supports and Resistances
XAGUSD currently trading at 22.72 at the time of writing. Pair opened at 22.42 and is trading with a change of 1.34 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 22.72 |
| 1 | Today Daily Change | 0.30 |
| 2 | Today Daily Change % | 1.34 |
| 3 | Today daily open | 22.42 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 23.66, 50 SMA 23.6, 100 SMA @ 24.03 and 200 SMA @ 23.28.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 23.66 |
| 1 | Daily SMA50 | 23.60 |
| 2 | Daily SMA100 | 24.03 |
| 3 | Daily SMA200 | 23.28 |
The previous day high was 22.78 while the previous day low was 22.41. The daily 38.2% Fib levels comes at 22.55, expected to provide support. Similarly, the daily 61.8% fib level is at 22.64, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 22.29, 22.16, 21.91
- Pivot resistance is noted at 22.66, 22.91, 23.04
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 22.78 |
| Previous Daily Low | 22.41 |
| Previous Weekly High | 23.68 |
| Previous Weekly Low | 22.58 |
| Previous Monthly High | 25.27 |
| Previous Monthly Low | 22.52 |
| Daily Fibonacci 38.2% | 22.55 |
| Daily Fibonacci 61.8% | 22.64 |
| Daily Pivot Point S1 | 22.29 |
| Daily Pivot Point S2 | 22.16 |
| Daily Pivot Point S3 | 21.91 |
| Daily Pivot Point R1 | 22.66 |
| Daily Pivot Point R2 | 22.91 |
| Daily Pivot Point R3 | 23.04 |
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