Recommendation for Silver: Buy

Buy Stop: Above 27

Stop Loss: Below 24.5

Indicator: Neutral

MACD: Buy

MA(200): Neutral

Fractals: Buy Parabolic

SAR: Buy Bollinger

Bands: Neutral

Chart analysis

XAGUSD

On the daily timeframe, XAGUSD: D1 overpassed the downtrend resistance line. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if XAGUSD rises above its last high: 27. This level can be used as an entry point. We can place a stop loss below the Parabolic signal, the lower Bollinger band and the 200-day moving average line: 24.5. After opening a pending order, we can move the stop loss to the next fractal low following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and place a stop loss, moving it in the direction of the bias. If the price meets the stop loss (24.5) without activating the order (27), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.

Fundamental analysis

Precious metals are rising in price amid a drop in the US dollar index and the outbreak of the coronavirus pandemic in India. Will the XAGUSD price continue to rise? According to the China Gold Association, gold consumption in China in Q1 2021 almost doubled compared to the same period in 2020. In this review, we are looking at the silver chart, which is attractive as both a precious and an industrial metal. Palladium, which has similar features, hit the all-time high last week. Note that the rise in silver quotes on Monday occurred during the holidays in China and Japan. Demand for precious metals may increase amid increasing global risks due to Covid-19. According to the World Health Organization, the number of people infected with coronavirus in the world has increased for the 9th week in a row and set a new maximum of 5.7 million people. This happened mainly due to India. In total, 153.5 million people infected with coronavirus in the world, and 3.2 million died. The publication of Non-Farm Payrolls on Friday may be the main event of this week for the greenback.


Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 

EUR/USD News

GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 

GBP/USD News

XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Majors

Cryptocurrencies

Signatures