Silver Price News: XAG/USD renews intraday low near $23.50 as US Dollar bears take a breather


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  • Silver traders take offers to refresh intraday low while paring previous daily losses.
  • DXY steadies during three-week downtrend as traders brace for US Q4 GDP.
  • Inactive yields, light calendar adds to the market’s indecision ahead of key catalysts.

Silver price (XAG/USD) remains depressed around intraday low of $23.50 as traders seek fresh clues to extend the fortnight-long downtrend during early Wednesday in Europe. In doing so, the bright metal takes clues from a pause in the US Dollar’s downtrend while reversing the previous day’s gains.

That said, the US Dollar Index (DXY) steadies around 102.00 as bears await the US Gross Domestic Product (GDP) for the fourth quarter (Q4) and the next week’s Federal Open Market Committee (FOMC) meeting.

It’s worth noting that the downbeat US activity data join the dovish concerns surrounding the Federal Reserve’s (Fed) next moves to keep XAG/USD buyers hopeful. However, an absence of Chinese traders and the pre-Fed blackout period joins the consolidation in the commodity markets, due to China’s Lunar New Year holidays, which seem to weigh on the Silver price of late.

Additionally, the market’s dicey moves and a lack of major data/events also probe the commodity traders. While portraying the mood, US Treasury bond yields remain inactive after Tuesday’s pullback while the S&P 500 Futures print mild losses but the stocks in the Asia-Pacific region trade mixed and support the currencies of the zone.

Moving on, Silver traders will pay close attention to the risk catalyst ahead of the US Q4 GDP as recession woes challenge the partially industrial commodity. However, major attention will be given to the next week’s Federal Open Market Committee (FOMC) meeting for clear directions.

To sum up, the Silver price remains on the bear’s radar for the day but the bulls are lurking ahead of the key data/events.

Silver price technical analysis

A sustained downside break of the seven-week-old ascending trend line, now immediate resistance near $23.70, keeps Silver bears hopeful of retesting the monthly low near $22.75.

Additional important levels

Overview
Today last price 23.51
Today Daily Change -0.15
Today Daily Change % -0.63%
Today daily open 23.66
 
Trends
Daily SMA20 23.77
Daily SMA50 23.05
Daily SMA100 21.34
Daily SMA200 21.03
 
Levels
Previous Daily High 23.74
Previous Daily Low 23.22
Previous Weekly High 24.51
Previous Weekly Low 23.17
Previous Monthly High 24.3
Previous Monthly Low 22.03
Daily Fibonacci 38.2% 23.54
Daily Fibonacci 61.8% 23.42
Daily Pivot Point S1 23.34
Daily Pivot Point S2 23.01
Daily Pivot Point S3 22.81
Daily Pivot Point R1 23.86
Daily Pivot Point R2 24.07
Daily Pivot Point R3 24.39

 

 

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