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.

Haresh Menghani FXStreet

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

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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