Silver sees late jump on Friday, touches 12-week high at $24.30

Spot Silver is surging late on Friday, tests 12-week high.
XAG/USD pings $24.30 as Silver rebounds, following broad-market risk sentiment higher.
Metals are pushing higher with the NY market set for an early close.

Joshua Gibson FXStreet

XAG/USD tapped $24.30 in the back half of Friday's trading, testing Silver's highest bids in almost 12 weeks. Market sentiment is testing higher heading into the trading week's close, and markets are set to see an early drop in trading volumes.

Wall Street will be going dark a little bit early today, with US markets slated to shut down at 13:00 EST.

Volumes and overall price momentum, already thin on Fridays, is expected to dry up a little bit earlier than usual this week.

Silver is getting bid out of a recent near-term consolidation range, and has gained almost 18% despite seeing an overall downtrend in 2023.

Friday's late bump in the XAG/USD sees Spot Silver trading into overall positive territory for the year since declining from September's peak at $25.00.

XAG/USD Technical Outlook

Friday's surge back over $24.20 sees XAG/USD making a break of a descending trendline from May's peaks above $26.00, and Silver is making a break away from the 200-day Simple Moving Average (SMA) near $23.25.

The 50-day SMA is rotating into a bullish stance from $22.75, and a bullish crossover of the longer moving average could see technical support firm up for a longer-term move higher in the bids.

Should bearish price momentum return to the fold, a downside break of $23.50 will harden the descending trendline and set up Silver bears for a fresh run at the last swing low into the $22.00 handle.

XAG/USD Daily Chart

XAG/USD Technical Levels

XAG/USD

Overview
Today last price	24.26
Today Daily Change	0.59
Today Daily Change %	2.49
Today daily open	23.67

Trends
Daily SMA20	23.1
Daily SMA50	22.75
Daily SMA100	23.24
Daily SMA200	23.32

Levels
Previous Daily High	23.79
Previous Daily Low	23.6
Previous Weekly High	24.15
Previous Weekly Low	21.88
Previous Monthly High	23.7
Previous Monthly Low	20.68
Daily Fibonacci 38.2%	23.72
Daily Fibonacci 61.8%	23.67
Daily Pivot Point S1	23.58
Daily Pivot Point S2	23.5
Daily Pivot Point S3	23.39
Daily Pivot Point R1	23.78
Daily Pivot Point R2	23.88
Daily Pivot Point R3	23.97

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

AUD/USD sits at three-week highs above 0.7000 on hawkish RBA-speak

AUD/USD holds a positive bias for the fourth straight day, trading above 0.7000 in the Asian session on Wednesday and at three-week highs. RBA Deputy Governor Andrew Hauser's hawkish remarks and inflation concerns underpin the pair. However, the upside appears capped as the US Dollar attracts some buyers amid looming US-Iran uncertainty.

USD/JPY remains confined in a familiar range below 158.50

USD/JPY sees some dip-buying in the Asian session on Wednesday, though it remains confined within a multi-week range near 158.50 as the uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. Meanwhile, hawkish Fed expectations, bolstered by inflation risks stemming from volatile oil prices, underpin the US Dollar. However, looming intervention fears could limit JPY losses and cap the currency pair.

Gold bounces off weekly low; Fed hike bets and modest USD recovery keep upside limited

Gold recovers slightly from the weekly low, around the $4,100 neighborhood, though the upside potential seems limited amid a bearish fundamental backdrop. Inflation risks stemming from volatile oil prices underpin prospects for further policy tightening by the US Federal Reserve. Furthermore, a modest US Dollar recovery from a near three-week low could contribute to capping bullion.

Zcash's bullish reversal eyes $1,698 peak on NU7 upgrade

Zcash (ZEC) shows signs of bullish recovery above $1,200 on Wednesday, following a 9% rebound the previous day linked to the upcoming NU7 upgrade. Blockworks released a Zcash holders report on Tuesday, highlighting steady network growth. The technical outlook for ZEC is bullish, with bulls eyeing an extended rally toward $1,698.

US – Midterm update: Pre-election tail risk scenarios

With two weeks until the US midterm elections on 3 November, early voting has already opened in more than 40 states. Prediction markets are broadly unchanged since we published our Midterm update, 13 October. The prediction market Polymarket continues to see Democrats winning both chambers as the most likely outcome, with a 62.5% probability.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.