- Silver recovery halts at the $24.60 resistance area.
- The confluence of 50% Fibo retracement and the 50- and 100-hour SMAs is holding down the XAG/USD.
- The overall near-term trend remains positive while above $24.10.
XAG/USD’s upside attempt seen earlier today has been capped at $24.65 on Wednesday’s US session. Silver has pulled back as US dollar bounced up across the board and remains barely changed on the day at the time of writing.
The hourly chart shows the white metal is still trending higher, posting higher tops and lows since bottoming at $21.65 in late September. The pair, however, seems capped below $24.60, where the 50% Fibonacci retracement level of the September 15-24 sell-off meets the confluence of the 50 and 100-hour SMAs.
A clear break above here would confirm the bullish pattern and provide confidence to the bulls to climb towards $25.05 (October 13 high) before testing October’s peak, at $25.55.
On the downside, the upward trendline support from September 26 low (now around $24.15) defends the upside bias. Below here, a clear break below the 38.2% Fibonacci retracement of the September 15-24 drop might increase bearish traction, sending the pair towards $23.63 (October 8 low) and $22.90 (October 6 low).
XAG/USD hourly chart
XAG/USD technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.