Silver Price News and Forecast: XAG/USD sits near daily tops, around $17.00 mark


  • Trade pessimism weighed on the global risk sentiment.
  • Silver regains traction amid reviving safe-haven demand.

Silver edged higher through the mid-European session on Tuesday, with bulls looking to extend the momentum further beyond the $17.00 round-figure mark.

The precious metal managed to regain some positive traction on Tuesday and jumped back closer to the top end of its recent trading range, recovering the previous session's downfall to near one-week lows.

Silver Price Today

A sudden turnaround in the global risk sentiment, triggered by the US President Donald Trump's not so optimistic trade-related comments, provided a modest boost to traditional safe-haven assets – including silver.

Trump on Tuesday raised prospects of delaying a trade deal with China until after the 2020 election. This comes on the back of the overnight announcement to re-impose steel and aluminium tariffs on Brazil and Argentina.

The risk-off mood-led sharp intraday slide in the US Treasury bond yields undermined the US dollar demand, which further benefitted the dollar-denominated commodity and remained supportive of the positive move.

It will now be interesting to see if the metal is able to capitalize on the momentum or runs out of the steam amid absent relevant market-moving economic releases, making it prudent to wait for some follow-through buying.

Technical levels to watch

XAG/USD

Overview
Today last price 17.04
Today Daily Change 0.13
Today Daily Change % 0.77
Today daily open 16.91
 
Trends
Daily SMA20 17.05
Daily SMA50 17.43
Daily SMA100 17.38
Daily SMA200 16.21
 
Levels
Previous Daily High 17.02
Previous Daily Low 16.82
Previous Weekly High 17.12
Previous Weekly Low 16.61
Previous Monthly High 18.22
Previous Monthly Low 16.61
Daily Fibonacci 38.2% 16.9
Daily Fibonacci 61.8% 16.95
Daily Pivot Point S1 16.81
Daily Pivot Point S2 16.72
Daily Pivot Point S3 16.62
Daily Pivot Point R1 17.01
Daily Pivot Point R2 17.11
Daily Pivot Point R3 17.2

 

 

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