Silver: 23.376 key obstacle
May 31, 2023 9:24 amVideo
Latest News
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
- Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday April 26 2024. April 26, 2024
- Forecast for EUR/USD on April 26, 2024 April 26, 2024
- Forecast for GBP/USD on April 26, 2024 April 26, 2024
- Forecast for AUD/USD on April 26, 2024 April 26, 2024
- The ECB also has reasons to worry April 26, 2024
- The dollar: there would have been no happiness, but misfortune helped April 26, 2024
The price of silver edged higher today, reaching 23.492 level. Now, it has retreated a little and is trading at 23.286 at the time of writing. After its strong rally, a retreat was natural. USD’s rally brought sellers on XAG/USD.
Fundamentally, the JOLST Job Openings is expected to drop from 9.59M to 9.41M, while Canadian GDP may report a 0.1% drop. These represent high-impact events, so the volatility could be high in the US trading session. Tomorrow, the Eurozone CPI Flash Estimate and the US ADP Non-Farm Employment Change, Unemployment Claims, and ISM Manufacturing PMI should bring high action.
XAG/USD Upside Uncertain!
Technically, XAG/USD escaped from a downward channel pattern. It has tested and retested the broken downtrend line signaling a potential upwards movement. Still, as you can see on the H1 chart, the rate registered a false breakout with great separation above 23.376 announcing exhausted buyers.
Now, it has dropped below the median line (ml) and under the weekly pivot point of 23.305 again. In the short term, it could test and retest the broken downtrend line.
XAG/USD Outlook!
Jumping and stabilizing above 23.376 and above the median line (ml) confirms an upwards movement and is seen as a new buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: