Silver Price Analysis: XAG/USD to recover towards tough resistance at $26.07 – Commerzbank

FXStreet Insights Team FXStreet

Silver’s spike lower is viewed as exhaustive and held over a major band of support. Strategists at Commerzbank would allow for consolidation and recovery.

XAG/USD longer-term bullish bias maintained

“Silver saw complete rejection from the 200-day ma and sold off aggressively towards the long-term pivotal support at $21.87/17. It is considered to be a major band of support. Given that the market has spiked down to this area and recovered we will for now maintain our longer-term bullish bias.”

“Initial resistance is the $23.76 March low and $24.46 the 27th July low but tougher resistance is not encountered until $26.07, last week's high.”

“Below $21.17 (not favoured) would see another leg lower to the $20.75/50% retracement and then the 200-week ma at $18.88.”

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.

AUD/USD jumps to 0.7050, fresh one-month top after hot Australian CPI

AUD/USD attracts buyers for the second straight day on Wednesday, rising to a fresh high since September 23 during the Asian session. A hot Australian CPI print reaffirmed bets for an imminent RBA rate hike in November and boosted the Australian Dollar. Meanwhile, the US Dollar pauses after a three-day rally to a near two-week high ahead of the crucial FOMC rate decision, lending additional support to the currency pair.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold rises above $4,050 ahead of Fed rate decision

Gold price jumps to around $4,065 during the early Asian session on Wednesday, bolstered by lower oil prices. Traders await the Federal Reserve's policy meeting later on Wednesday for signals on ‌the future path of US interest rates.

Ethereum ETFs near record monthly outflows as ETH tests $2,310

Ethereum (ETH) held steady on Tuesday, consolidating at $2,340, just above $2,300 after last week’s decline. Three measures sit within about $18 of each other: ETH’s realized price at $2,310, the 200-day Exponential Moving Average (EMA) at $2,315, and the $2,328 average cost basis of wallets holding 1K-10K ETH.

FOMC outlook: Why keeping rates unchanged might not be enough

Tomorrow's FOMC meeting could be quite interesting, even if the Federal Reserve decides to leave interest rates unchanged. According to the latest market expectations, there is currently a 92.8% probability that rates will remain at 3.75–4.00%, while the probability of another 25 basis point increase stands at just 7.2%.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.