Silver Price Analysis: XAG/USD breaks structure to the downside, bears motivated

Silver bears are licking their lips at key structures.
The 38.2% Fibo is playing its resistance role.

Ross J Burland FXStreet

Silver shot up in a correction on Friday with a high of $22.844 from $22.3474 the low. The bulls are correcting the week's sell-off into month's end. The focus is on the Federal Reserve as data continues to offer mixed messages. The Federal Reserve's preferred inflation gauge rose 0.3% MoM, in line with forecasts and below 0.4% in April while the annual core rate slowed to 4.6% and the headline PCE rate reached the lowest in nearly two years.

This came in contrast to this week's firmer data, profit-taking has ensued as the following illustrates:

Silver weekly chart

We are seeing a classic rejection of the M-formations neckline followed by a bearish continuation to crack structure to the downside.

Silver daily chart

A bullish correction is in play to test a 38.2% Fibonacci that is so far acted as resistance. Bears are eyeing prospects of a downside continuation for the days ahead.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD holds near Feb. 11 highs as bulls await breakout above 1.3660

The GBP/USD pair trades with a positive bias around mid-1.3600s at the start of a new week and remains well within striking distance of its highest level since February 11, touched on Friday. Moreover, the fundamental backdrop favors bullish traders and backs the case for an extension of a nearly one-month-old uptrend.

EUR/USD holds steady amid US debt strategy

EUR/USD remains stronger for the fourth successive trading day, hovering around 1.1680 during the Asian hours. The currency pair holds its ground as the US Dollar struggles under pressure from newly announced United States fiscal moves. The Treasury Department surprised financial markets by pledging to at least double its buybacks of longer-dated government debt in an attempt to rein in rising bond yields.

Gold keeps rallying toward $4,700, fresh three-month highs

Gold extends its last week's stellar performance into Asian trading on Monday, refreshing three-month highs beyond $4,600. The precious metal capitalizes on persistent US Dollar weakness, following the US Treasury's buyback plan amid fresh US-Canada trade tensions.

Here's what I learned trading meme coins

I’ve been trading cryptocurrencies for the past seven years, with meme coins becoming one of the most exciting and implacable parts of my experience. I love them because they represent internet culture and community sentiment, and, let’s be honest, extreme speculation. Newly launched meme coins were especially tempting: get in early enough, I thought, and a small bet could turn into a huge return.

The week ahead: Jackson Hole and Nvidia results to take focus away from Trump

We start the week with the focus squarely on the US. Rising Treasury yields, the Jackson Hole Symposium, inflation and GDP data, along with tariff risks, will dominate market action in the coming days.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.