Silver extends uptrend towards $59.90 – Société Générale

FXStreet Insights Team FXStreet

Silver continues its rally, approaching the upper band of a multi-month ascending channel near $59.60/59.90, after breaking out of a brief consolidation, Société Générale's FX analysts note.

Support at $56 key for short-term stability

"Silver defended the 50-DMA last month and gave a break beyond the upper limit of a brief consolidation resulting in extension of uptrend. It is now close to a multi-month ascending channel band near $59.60/59.90."

"The move is a bit stretched however signals of a meaningful pullback are not yet visible. The low achieved earlier this week at $56 is first support. If this is breached, there could be a risk of a short-term decline."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD holds on to 1.1800, down modestly for the day

EUR/USD is edging lower on Wednesday, hovering just above the 1.1800 mark as renewed upside momentum in the US Dollar weighs on the pair. Moving forward, the ECB is largely expected to keep its interest rate unchanged at its meeting on Thursday.

GBP/USD flirts with daily lows near 1.3640

GBP/USD is giving back Tuesday’s gains on Wednesday, facing renewed selling pressure and drifting towards the 1.3640 zone, or daily lows. The pullback comes as the Greenback picks up some decent traction, while investors position ahead of the BoE’s Super Thursday.

Gold stays offered below $5,000

Gold is back under pressure on Wednesday, slipping below the $5,000 mark per troy ounce as Wednesday’s session draws to a close. The pullback comes amid renewed strength in the US Dollar alongside mixed moves in US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP tick up despite macro uncertainty, retail exodus

Bitcoin rises above $76,000 following an extended decline to $72,946 the previous day as Fed-related headlines keep investors on edge. Ethereum advances toward the $2,300 hurdle amid low retail interest, with futures Open Interest falling to $26.3 billion.

Should investors abandon AI as software stocks slide?

AI is not being abandoned by markets. It is being priced more carefully. Over the past few weeks, the underperformance of software and SaaS stocks has sparked a familiar question: is the AI trade breaking down? The answer is no.

Ripple stabilizes amid mixed signals as ETF inflows resume despite low retail activity

Ripple hovers around the $1.60 pivotal level at the time of writing on Wednesday, reflecting stable but weak sentiment across the crypto market. Intense volatility triggered a brief sell-off on Tuesday, driving the remittance token to pick up liquidity at $1.53 before recovering to the current level.