Silver Price Analysis: XAG/USD points to the downside while below $24.72 – Commerzbank

FXStreet Insights Team FXStreet

Silver (XAG/USD) is witnessing some weakness. Downside risks remain for the precious metal while capped by the 55-day moving average (DMA) at $24.72, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.

See – Silver Price Analysis: XAG/USD to sink towards $19.65 on a break below $22.63 – Credit Suisse

Silver needs to regain the 26.07 August high to regenerate bullish impetus

“Silver remains capped by the 55-DMA at $24.72. The recent rally is regarded as corrective only and we are alert to failure here. This would cast attention back to the long-term pivotal support at $21.87/17. These represent the September and November 2020 lows and also the July 2014 high and the 2016 high. These are considered to be a major band of support and we expect them to hold.

“Initial resistance is the $24.95 recent high, but resistance extends up to tougher resistance offered by $26.07, the August high. The market will need to regain this area to regenerate bullish impetus we suspect.”

“Initial support is $22.85. Below $21.17 (not favoured) would see another leg lower to the $20.75/50% retracement and then the 200-week ma at $18.95.”

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.