Silver Price Analysis: XAG/USD meets offers around $24.00 as USD Index rebounds

Silver price is looking to position its feet confidently above the breakout region of the Descending Triangle.
Advancing 20-EMA indicates that the short-term bullish trend is intact.
A bullish range shift by the RSI (14) will trigger the upside momentum.

Sagar Dua FXStreet

Silver price (XAG/USD) has sensed barricades after testing strength near the critical resistance of $24.00 in the Asian session. The white metal has faced pressure as the US Dollar Index (DXY) has displayed signs of recovery after dropping to near 101.30. The USD Index might be supported by the market participants as investors might get anxious ahead of the release of the United States Personal Consumption Expenditure (PCE) Price Index (Dec).

Meanwhile, the market sentiment seems negative as the S&P500 futures are displaying decent losses in the Asian session. The 10-year US Treasury yields have climbed to near 3.51%.

Silver price is employing immense efforts to sustain the breakout of the Descending Triangle chart pattern formed on an hourly scale. The downward-sloping trendline of the chart pattern is plotted from January 16 high at $24.50 while the horizontal support is placed from January 11 low at $23.22.

The 20-period Exponential Moving Average (EMA) at $23.88 is aiming higher, which indicates that the short-term bullish trend is intact. Meanwhile, the Relative Strength Index (RSI) (14) is aiming to shift into the bullish range of 60.00-80.00, which will trigger the upside momentum.

Going forward, a decisive move above January 23 high at $24.16 will drive the asset toward January 16 high at $24.50 followed by the psychological resistance at $25.00

On the flip side, a break below January 24 high at $23.74 will drag the asset toward Wednesday’s low at $23.33. A slippage below the latter will further drag the Silver price toward January 23 low at $22.76.

Silver hourly chart

XAG/USD

Overview
Today last price	23.91
Today Daily Change	-0.01
Today Daily Change %	-0.04
Today daily open	23.92

Trends
Daily SMA20	23.79
Daily SMA50	23.16
Daily SMA100	21.45
Daily SMA200	21.01

Levels
Previous Daily High	24.3
Previous Daily Low	23.6
Previous Weekly High	24.51
Previous Weekly Low	23.17
Previous Monthly High	24.3
Previous Monthly Low	22.03
Daily Fibonacci 38.2%	24.03
Daily Fibonacci 61.8%	23.87
Daily Pivot Point S1	23.58
Daily Pivot Point S2	23.24
Daily Pivot Point S3	22.89
Daily Pivot Point R1	24.27
Daily Pivot Point R2	24.63
Daily Pivot Point R3	24.97

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

AUD/USD trims some losses, bounces back to 0.7150

AUD/USD has traded on the back foot on Monday, coming close to the 0.7100 mark before rebounding toward the 0.7150 region ahead of the opening bell in Asia. The Greenback’s solid performance has kept the risk complex under pressure, sending the Aussie to fresh monthly lows on the back of rising bets for a Fed rate hike this week. on Tuesday, investors are now expected to closely follow key data releases in China.

USD/JPY: Japanese Yen edges lower vs USD amid Middle East jitters as Fed, BoJ meetings loom

The USD/JPY pair attracts some buyers at the start of a new week and climbs closer to the 154.00 mark during the Asian session, reversing a part of Friday's losses. Spot prices, however, remain confined in a range held over the past week or so and within striking distance of a nearly seven-month low, touched last Tuesday, as traders await this week's key central bank events.

Gold retests $4,300; USD losses momentum

Gold picks up fresh upside traction and challenges the key $4,300 mark per troy ounce on Monday. The yellow metal, however, remain on the back foot on the back of marked gains in the US Dollar and rising US Treasury yields across the curve.

JasmyCoin: Upbit delisting raises risk of further losses

JasmyCoin shows signs of stability at the time of writing on Monday. However, the token remains constrained between support at $0.0035 and resistance at $0.0040. Since May, its technical structure has continued to deteriorate, with the price falling from highs of $0.0078. JASMY’s outlook suggests that bears have the upper hand as bulls fight to defend key support levels.

Will the Fed deliver the hawkishness markets are pricing in?

Fed hike bets increase after PPI and CPI reports. Updated dot plot to be crucial for the dollar’s reaction. Warsh’s independence faces test amid Trump’s pressure for lower rates. For the Dollar to extend gains, Fed needs to satisfy current hawkish bets.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.