Silver Price Analysis: XAG/USD struggles to keep $26.00 amid sluggish markets


  • Silver holds recent bounce off intraday low to print mild gains.
  • Risks remain downbeat amid reflation fears, ahead of Powell’s speech.
  • US stimulus updates, Sino-American jitters and virus news will be the key.

Silver picks up bids near $26.23, up 0.22% intraday, while extending its recovery moves from the intraday low of $25.97 during early Thursday. Even so, challenges to risks and the US dollar moves seem to guard the precious metal’s short-term upside.

Among the key challenges, the recently renewed fears of reflation, backed by UK budget, comments from the ECB and the US covid relief stimulus progress in the Senate, seem to exert the most pressure on the white metal. Also testing the commodity buyers could be the greenback strength that currently helps the US dollar index (DXY) to pierce the 91.00 threshold, up 0.08% on a day.

Meanwhile, chatters surrounding the rumored plot to attack Capitol Hill and China-linked hackers’ cyberattack on Microsoft’s email servers also weigh on the risks.

Against this backdrop, US 10-year Treasury yields rose 1.1 basis points to 1.48% whereas the S&P 500 Futures drop 0.25% by the press time.

It should be noted that the mood also gets soured amid fears of the Brazilian variant of the coronavirus (COVID-19) as recent studies show that it negatively affects natural immunity.

Looking forward, the risk catalysts can keep offering intermediate moves ahead of Fed Chair Jerome Powell’s speech at 17:05 GMT. Global markets will look for relfation concerns of the Fed boss in the statements, which if materialized could exert additional downside pressure on the precious metals and Antipodeans.

Technical analysis

A daily closing below 50-day SMA, at $26.52 now, for the first time in 11 weeks favors silver sellers to eye the late January lows surrounding $24.70.

Additional important levels

Overview
Today last price 26.19
Today Daily Change 0.04
Today Daily Change % 0.15%
Today daily open 26.15
 
Trends
Daily SMA20 27.13
Daily SMA50 26.51
Daily SMA100 25.41
Daily SMA200 24.08
 
Levels
Previous Daily High 26.83
Previous Daily Low 25.84
Previous Weekly High 28.33
Previous Weekly Low 26.14
Previous Monthly High 30.07
Previous Monthly Low 25.9
Daily Fibonacci 38.2% 26.22
Daily Fibonacci 61.8% 26.45
Daily Pivot Point S1 25.72
Daily Pivot Point S2 25.28
Daily Pivot Point S3 24.72
Daily Pivot Point R1 26.71
Daily Pivot Point R2 27.26
Daily Pivot Point R3 27.7

 

 

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.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bulls need to cross 1.2060 to keep the reins

EUR/USD stays on the front foot, recently inactive, near seven-week top. 100-day SMA tests the upside break of the key resistance line, now support. Bullish MACD, sustained trading above 200-day SMA favor buyers.

EUR/USD News

GBP/USD soars toward 1.40 on vaccine optimism, greenback retreat

GBP/USD is on the rise, surging toward 1.40 as the greenback is on the back foot, despite an advance in Treausry yields. Britain's successful vaccination campaign and an optimistic market mood also support cable.

GBP/USD News

EUR/USD: Bulls need to cross 1.2060 to keep the reins

EUR/USD stays on the front foot, recently inactive, near seven-week top. 100-day SMA tests the upside break of the key resistance line, now support. Bullish MACD, sustained trading above 200-day SMA favor buyers.

EUR/USD News

DOGE base targets at least 30% upside

Dogecoin price declined almost 50% from the April 16 high to the April 17 low, reminding speculators that DOGE did have two sides. Since the price low, the altcoin rallied close to the all-time high at $0.4532 by April 19. 

Read more

The 3 currencies to watch this week

All of the major currencies traded higher on Monday as investors continued to drive the U.S. dollar lower. When a rise in Treasury yields, sell-off in U.S. stocks, strong payrolls and retail sales reports can’t lift the dollar, some wonder if it is time to worry.

Read more

Forex MAJORS

Cryptocurrencies

Signatures