• Metals stabilized after sharp slide, DXY hits monthly highs above 94.00.
  • The strong US dollar keeps metals under pressure ahead of next week’s FOMC meeting.
  • XAG/USD falls for the fourth day, but moves off lows.

Silver and gold are falling sharply on Friday. A rally of the US dollar pushed XAG/USD to 23.68$, the lowest level in a week. During the last hours, silver recovered ground and rose to 23.90$ It is about to end the week lower, after finding resistance at the 20-week moving average around 24.40.

The DXY is up by 0.90% on Friday, trading at monthly highs at 94.20, boosted amid end-of-month flows and ahead of next week’s FOMC meeting. The Federal Reserve is expected to announce a tapering of its QE program. The latest round of economic data, including today’s Core CPE did not alter market expectations.

US stocks are modestly higher. Not even risk appetite is avoiding the rally of the greenback. For metals, a pullback in US yields favoured a consolidation.

The bias in the daily chart in XAG/USD still shows some bullish arguments, with price above key moving averages. The move off lows on Friday is another fact. Now silver needs initially to recover 24.25$ to gain momentum, and then break the key 24.75$ resistance to clear the way to more gains. A slide below 23.50$ on the contrary would increase the negative pressure.

Silver daily chart

xagusd

XAG/USD

Overview
Today last price 23.88
Today Daily Change -0.20
Today Daily Change % -0.83
Today daily open 24.08
 
Trends
Daily SMA20 23.37
Daily SMA50 23.37
Daily SMA100 24.41
Daily SMA200 25.48
 
Levels
Previous Daily High 24.25
Previous Daily Low 23.96
Previous Weekly High 24.83
Previous Weekly Low 23.01
Previous Monthly High 24.87
Previous Monthly Low 21.42
Daily Fibonacci 38.2% 24.14
Daily Fibonacci 61.8% 24.07
Daily Pivot Point S1 23.94
Daily Pivot Point S2 23.81
Daily Pivot Point S3 23.66
Daily Pivot Point R1 24.23
Daily Pivot Point R2 24.39
Daily Pivot Point R3 24.52

 

 

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