Silver Price Analysis: XAG/USD keeps smashing through the resistance zones

Silver is trading 6.69% higher as precious metals soar.
The price smashed through the resistance area at USD 21.13 per ounce.

Rajan Dhall, MSTA FX Daily

XAG/USD daily chart

The precious metals have been off the charts recently and silver has been the pick of the bunch. The push higher has seen the metal break yet another resistance zone and it now trades 6.69% higher on Tuesday. The bottom of the 2011 consolidation area is USD 26.11 and this could be the big target for the bulls. The all-time high is still some way off at USD 49.83 per ounce.

Looking closer at the chart below, the price took the previous wave high of USD 19.65 per ounce. Just now the red resistance zone has been broken but we should wait for the daily close to see if the price can hold the break. The indicators are looking very bullish too. The MACD histogram is firmly green and the signal lines are about the mid-zone too. The Relative Strength Index is also in a very positive area above 70. It is looking slightly oversold but this can happen with the indicator.

XAG/USD monthly chart

The monthly chart really highlights the major levels. The black resistance zone at USD 26.17 per ounce looks very firm. The bulls look set to try and target that level and there could be some resistance. The Indicators are still positive very much like on the daily chart above but the Relative Strength Index has way more room on the monthly.

Additional levels

XAG/USD

Overview
Today last price	21.29
Today Daily Change	1.38
Today Daily Change %	6.93
Today daily open	19.91

Trends
Daily SMA20	18.49
Daily SMA50	17.78
Daily SMA100	16.4
Daily SMA200	16.98

Levels
Previous Daily High	19.92
Previous Daily Low	19.26
Previous Weekly High	19.48
Previous Weekly Low	18.7
Previous Monthly High	18.39
Previous Monthly Low	16.95
Daily Fibonacci 38.2%	19.67
Daily Fibonacci 61.8%	19.51
Daily Pivot Point S1	19.47
Daily Pivot Point S2	19.03
Daily Pivot Point S3	18.8
Daily Pivot Point R1	20.13
Daily Pivot Point R2	20.36
Daily Pivot Point R3	20.8

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

AUD/USD stabilizes above two-week low/0.6950 as traders await US election results

AUD/USD edges higher in the Asian session on Wednesday, recovering slightly from a two-week low touched on a less hawkish RBA reaction the previous day. Hopes for Iran diplomacy undermine the safe-haven US Dollar and support the currency pair, though the upside remains capped as traders await US midterm election results.

USD/JPY retreats from three-week top, slips below 158.50 amid intervention risks and softer USD

USD/JPY slides below 158.50 in the Asian session on Wednesday, snapping a two-day winning streak to hit a near three-week high the previous day, as intervention risks support the Japanese Yen. Meanwhile, the US Dollar remains on the back foot amid hopes for Iran diplomacy, further weighing on the currency pair as traders brace for some volatility surrounding US midterm election results.

Gold consolidates below $3,950 as Fed hike bets counter softer USD ahead of US election results

Gold struggles to capitalize on the previous day's bounce from sub-$3,900 levels, oscillating in a range during the Asian session on Wednesday as traders brace for short-term market volatility surrounding US midterm election results. Meanwhile, hopes for Iran diplomacy weigh on the safe-haven US Dollar and support bullion, though upside remains capped amid Fed rate hike bets.

Ethereum: US-led selling keeps ETH below $2,309 realized price

Ethereum (ETH) faces pressure near $2,300 on Tuesday as it struggles to recover its realized price. The top altcoin fell below its realized price, or investors' average on-chain cost basis, at $2,309 following the $6.3 billion Binance hack last Thursday.

US Midterms: Can Wall Street rally despite AI debt and credit risks?

Political uncertainty may be coming to an end, but the real question for investors is whether the technology sector can sustain its enormous spending commitments. The US midterm elections are arriving at an interesting moment for financial markets.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.