Silver Price – Silveracce 365 http://silveracce365.com/ Tue, 19 Oct 2021 17:24:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://silveracce365.com/wp-content/uploads/2021/06/icon-5.png Silver Price – Silveracce 365 http://silveracce365.com/ 32 32 Silver price lowered, but step with S&P 500 https://silveracce365.com/silver-price-lowered-but-step-with-sp-500/ https://silveracce365.com/silver-price-lowered-but-step-with-sp-500/#respond Tue, 19 Oct 2021 17:24:45 +0000 https://silveracce365.com/silver-price-lowered-but-step-with-sp-500/ The price of silver is tied to the performance of gold in the current market environment, but on the three-year chart, the precious metal is actually keeping pace with the S&P 500. The peak of the negative impact of the pandemic on markets in 2020 saw the price of silver soar nearly 90% before falling […]]]>

The price of silver is tied to the performance of gold in the current market environment, but on the three-year chart, the precious metal is actually keeping pace with the S&P 500.

The peak of the negative impact of the pandemic on markets in 2020 saw the price of silver soar nearly 90% before falling back to the bottom in 2021. The S&P 500 has now made its V-shaped rebound and is well beyond it on its way to nearing a 60% gain.

However, inflation in the capital markets is a constant topic of discussion, which makes investors angry about economic growth or the lack of it. Stagflation talks are now circulating that refer to an economic landscape characterized by high interest rates and low economic growth.

This could make the perfect backdrop for safe havens like silver. Should silver prices recover, this can also be an ideal hedge against inflationary pressures.

“When we have a weak economy coupled with an urge to need and consume more silver, base metal mines that produce silver as a by-product close, as well as huge demand for silver comes to the fore,” said James Anderson, CEO and Chairman of the Guanajuato Silver Company. “In this environment, it was easy to see that silver was climbing into the $ 40 range. But it’s more likely that we’ll see silver at $ 30 before it hits $ 40. I can see it reaching $ 40 by the middle of next year. “

This will give you a trouble-free silver exposure

Would you like to load the boat on silver, but don’t want to go to the trouble of storing the precious metal for safekeeping? Here is the one Sprott Physical Silver Trust (PSLV) can help.

PSLV is a closed-end trust that holds unencumbered, fully allocated London Good Delivery silver bars held in the custody of the Royal Canadian Mint. Shareholders also have the option of redeeming their Shares for physical precious metal anywhere in the world (subject to certain minimum conditions) and such redemptions will not dilute the Trust’s commitment to the remaining Shareholders. The Trust intends to invest primarily in long-term holdings of unencumbered, fully allocated physical silver bars and will not speculate on short-term changes in silver prices.

For more news, information and strategies, visit the Gold & Silver Investing Channel.


Source link

]]>
https://silveracce365.com/silver-price-lowered-but-step-with-sp-500/feed/ 0
Daily Silver Price Forecast – Silver pulls back as government bond yields rise https://silveracce365.com/daily-silver-price-forecast-silver-pulls-back-as-government-bond-yields-rise/ https://silveracce365.com/daily-silver-price-forecast-silver-pulls-back-as-government-bond-yields-rise/#respond Mon, 18 Oct 2021 13:58:55 +0000 https://silveracce365.com/daily-silver-price-forecast-silver-pulls-back-as-government-bond-yields-rise/ Silver is under pressure Silver is currently trying to level below the USD 23.20 support while the US dollar remains flat against a broad basket of currencies. The US dollar index encountered resistance at 94.20 and pulled back. Currently, the US dollar index is trying to settle below the support at the 94 level. If […]]]>

Silver is under pressure

Silver is currently trying to level below the USD 23.20 support while the US dollar remains flat against a broad basket of currencies.

The US dollar index encountered resistance at 94.20 and pulled back. Currently, the US dollar index is trying to settle below the support at the 94 level. If successful, the US dollar index will move towards the 20 EMA at 93.85, which will be bullish for today’s silver and gold prices.

Meanwhile, gold is trying to settle below the 20 EMA at $ 1770. If gold manages to settle below the 20 EMA, it will move towards the large support level at $ 1750, which will be bearish for silver.

It should be noted that the 10-year Treasury yield has risen above 1.60% recently, putting some pressure on precious metals. The next level of resistance is at 1.64%. Should the 10-year Treasury yield test this level, silver will come under more pressure.

The gold / silver ratio tests resistance at the 50 EMA at 76. If this test is successful it will gain additional upside momentum and move towards 76.50 which will be bearish for silver.

Silver encountered strong resistance at $ 23.50 and pulled back towards the support at $ 23.20. Should silver settle below $ 23.20, it will be heading for the next level of support, which is at $ 22.80.

A successful test of the support at $ 22.80 will pave the way to the test of the support at $ 22.60. If silver breaks below this level, it will move towards the support at $ 22.30. Movement below $ 22.30 will push silver towards the next support level at $ 22.10.

On the flip side, silver needs to stay above $ 23.20 to develop upside momentum in the short term. The next resistance level is at $ 23.50. The 50 EMA is near, so silver will face strong resistance in the $ 23.40 to $ 23.50 range. If silver manages to move above $ 23.50, it will gain additional upside momentum and head for the next resistance level at $ 23.90.

You can find an overview of all today’s economic events in our economic calendar.


Source link

]]>
https://silveracce365.com/daily-silver-price-forecast-silver-pulls-back-as-government-bond-yields-rise/feed/ 0
Gold prices today at Rs 48,070 per 10g, silver sales at Rs 63,600 per kg https://silveracce365.com/gold-prices-today-at-rs-48070-per-10g-silver-sales-at-rs-63600-per-kg/ https://silveracce365.com/gold-prices-today-at-rs-48070-per-10g-silver-sales-at-rs-63600-per-kg/#respond Sat, 16 Oct 2021 01:33:00 +0000 https://silveracce365.com/gold-prices-today-at-rs-48070-per-10g-silver-sales-at-rs-63600-per-kg/ Ten grams of 24-karat gold sold for Rs 48,070 on Saturday, up Rs 100 from yesterday. According to the Good Returns website, silver was priced at 63,600 rupees per kg. The price of gold jewelry varies across India, the second largest consumer of the metal, due to consumption taxes, government taxes and fees. In New […]]]>

Ten grams of 24-karat gold sold for Rs 48,070 on Saturday, up Rs 100 from yesterday. According to the Good Returns website, silver was priced at 63,600 rupees per kg.

The price of gold jewelry varies across India, the second largest consumer of the metal, due to consumption taxes, government taxes and fees. In New Delhi and Mumbai, 10 grams of 22-karat gold were sold for Rs 46,959 and 47,070, respectively. In Chennai, the yellow metal sold for 45,150 rupees, according to the website.

In New Delhi the price for 10 grams of 24-karat gold was 51,220 rupees. In Chennai it trades at Rs 49,260. The Mumbai price is Rs 48,070 according to the website, while in Calcutta it is Rs 49,950.

Silver traded at Rs 63,600 per kilogram on Saturday, up from Rs 62,200 in Friday’s trading session.

Dear Reader,

Business Standard has always endeavored to provide updated information and commentary on developments that are of interest to you and have far-reaching political and economic implications for the country and the world. Your encouragement and constant feedback to improve our offering has only strengthened our determination and commitment to these ideals. Even in these troubled times resulting from Covid-19, we continue to strive to keep you updated with credible news, authoritative views, and concise comments on current affairs.
However, we have a request.

In the fight against the economic effects of the pandemic, we need your support even more so that we can continue to offer you high-quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve our goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are dedicated.

Support quality journalism and Subscribe to Business Standard.

Digital editor


Source link

]]>
https://silveracce365.com/gold-prices-today-at-rs-48070-per-10g-silver-sales-at-rs-63600-per-kg/feed/ 0
Silver declined again after rallying against the greenback on Thursday https://silveracce365.com/silver-declined-again-after-rallying-against-the-greenback-on-thursday/ https://silveracce365.com/silver-declined-again-after-rallying-against-the-greenback-on-thursday/#respond Fri, 15 Oct 2021 18:51:35 +0000 https://silveracce365.com/silver-declined-again-after-rallying-against-the-greenback-on-thursday/ The precious metal fell again against the greenback after its rally yesterday and could fall below the $ 23 mark if losses increase. XAG is bearish again Silver has underperformed since the beginning of the week. The precious metal traded towards the $ 22 mark for most of the week. However, it rebounded higher yesterday, […]]]>

The precious metal fell again against the greenback after its rally yesterday and could fall below the $ 23 mark if losses increase.

XAG is bearish again

Silver has underperformed since the beginning of the week. The precious metal traded towards the $ 22 mark for most of the week. However, it rebounded higher yesterday, eventually breaking the $ 23 mark.

The rally was fueled by a weaker dollar, which also underperformed other major currencies this week. Although the XAG rallied against the greenback yesterday, it failed to maintain momentum.

XAG is down 0.85% in the past 24 hours and is now trading at $ 23.317. Failing to break the $ 24 mark, silver has seen a decline below the $ 23 mark in the hours to come. The decline is due to the fact that the greenback made up some of its losses today.

The yield on US Treasuries has improved in the past few hours, causing the US dollar to recoup some of its losses. The excellent performance of US stock futures also led to a stronger greenback. With the US dollar regaining some of its lost position, XAG had to follow suit.

XAG could drop below $ 23

Silver looks like it will lose some of its gains in the hours ahead. If current market momentum is maintained, XAG could fall to the 22.9 point point, its first level of support. Another bearish move could cause silver to see further losses and bounce back to the $ 22.5 level in the coming hours.

Despite the current bearish momentum, XAG has enough buyer support to keep its position around the $ 22.5 mark. Buyers have been able to keep the price of silver above the $ 22 mark and would likely do so if the precious metal fell back to its previous position.

This article was originally published on FX Empire

More from FXEMPIRE:


Source link

]]>
https://silveracce365.com/silver-declined-again-after-rallying-against-the-greenback-on-thursday/feed/ 0
Winter fuel concerns are accelerating US natural gas prices https://silveracce365.com/winter-fuel-concerns-are-accelerating-us-natural-gas-prices/ https://silveracce365.com/winter-fuel-concerns-are-accelerating-us-natural-gas-prices/#respond Thu, 14 Oct 2021 16:38:45 +0000 https://silveracce365.com/winter-fuel-concerns-are-accelerating-us-natural-gas-prices/ (Bloomberg) – US natural gas futures rose after winter inventories of blast furnace and power plant fuel expanded less than expected, adding to concerns about adequate supplies during the peak demand season. Most read by Bloomberg Gas prices have more than doubled this year and the peak winter season is weeks away in large cities […]]]>

(Bloomberg) – US natural gas futures rose after winter inventories of blast furnace and power plant fuel expanded less than expected, adding to concerns about adequate supplies during the peak demand season.

Most read by Bloomberg

Gas prices have more than doubled this year and the peak winter season is weeks away in large cities like Chicago, which rely heavily on fuel to heat residential buildings. Futures rose nearly 7% on Thursday after a government balance sheet of underground vital supplies showed a weaker-than-expected increase as time ran out to increase inventory. The rise was dampened by bearish midday weather forecasts towards the end of the session.

Energy prices are skyrocketing around the world as winter exposes growing gas, electricity and coal supply shortages in the northern hemisphere, forcing some manufacturers to shut down factories. Post-pandemic economic recovery could be at risk in some of the world’s largest economies as unprecedented pressure forces governments and regulators to make tough decisions about whether to sort energy supplies to key sectors.

After rallying nearly 7% earlier in the day, gas closed 1.7% higher at $ 5.687 per million British thermal units for November delivery on Thursday.

Thursday’s high-profile US gas inventory report showed that in-store supplies only increased 81 billion cubic feet last week, far less than Bloomberg’s compiled median of 93 billion. Meanwhile, the Energy Information Administration warned in a separate report that US households will face the highest bills since 2007-2008 this winter.

“This is disappointing for people who want low prices because the hope was that we could put triple-digit injections together to cool prices down, and that’s not happening,” said Phil Flynn, senior market analyst at Price Futures Group.

Flynn’s reference to “three-digit injections” means weekly storage gains of 100 billion or more; There were only two of them all year round.

Part of the day’s earlier rally was cleared after reports showed that milder weather could be likely in the coming days.

(Updates with closing price.)

Most read of Bloomberg Businessweek

© 2021 Bloomberg LP


Source link

]]>
https://silveracce365.com/winter-fuel-concerns-are-accelerating-us-natural-gas-prices/feed/ 0
Solid gold and silver gains ahead of US inflation data https://silveracce365.com/solid-gold-and-silver-gains-ahead-of-us-inflation-data/ https://silveracce365.com/solid-gold-and-silver-gains-ahead-of-us-inflation-data/#respond Wed, 13 Oct 2021 12:13:00 +0000 https://silveracce365.com/solid-gold-and-silver-gains-ahead-of-us-inflation-data/ Editor’s Note: With so much market volatility, stay tuned with the daily news! Find out in minutes our quick round-up of today’s most important news and expert opinions. Sign up here! (Kitco News) – Gold and silver prices saw good gains in early US trading on Tuesday, aided by some chart-based buying, short covering in […]]]>

Editor’s Note: With so much market volatility, stay tuned with the daily news! Find out in minutes our quick round-up of today’s most important news and expert opinions. Sign up here!

(Kitco News) – Gold and silver prices saw good gains in early US trading on Tuesday, aided by some chart-based buying, short covering in the futures market, and a weaker US dollar index that day. The December gold futures last rose by USD 17.90 to USD 1,777.00. December Comex silver last rose $ 0.436 to $ 22.95 an ounce.

Global equity markets were mixed in overnight trading. The US stock indices point to slightly higher openings at the start of the New York day session.

The focus of the market midweek is on the September US Consumer Price Index report, up 0.3% from August and 5.3% year-over-year. Rising energy costs and supply chain bottlenecks in recent weeks have made traders and investors even more focused on the inflation outlook in the coming months. The Federal Reserve will scrutinize today’s CPI data as it considers timing to slow its monthly government bond purchases (quantitative easing).

On the overnight news, China announced that its exports rose 28.1% yoy in September, while imports rose 17.6%. The number of exports was slightly higher than expected and the number of imports slightly lower than expected.

Major foreign markets see the US dollar index lower today. Nymex’s crude oil futures are weaker, trading at around $ 80.00 a barrel. The yield on ten-year US Treasuries is now 1.565%.

Other US economic data slated to be released Wednesday includes the weekly MBA mortgage application survey, FOMC minutes, and Treasury Department’s monthly budget report.

Tech-wise, the December gold futures bulls and bears are now back on a general short-term technical playing field. The bulls’ next target price is to hit a close above the solid resistance at $ 1,800.00. Bears’ next near-term target is to push futures prices below solid technical support at the September low of $ 1,721.10. Initial resistance is seen at the October high of $ 1,782.40 and then $ 1,788.40. Initial support is seen at the overnight low of $ 1,759.80 and then the weekly low of $ 1,749.90. Wyckoff’s market valuation: 5.0

Live 24 hour silver chart [ Kitco Inc. ]

The silver bears have the overall short term technical advantage. The silver bulls’ next price target is the December futures closing price above solid technical resistance at $ 24.00 an ounce. The next downside target for the bears is to close below solid support at the September low of $ 21.41. Initial resistance is at $ 23.00 and then at the October high of $ 23.22. The next support is seen at the overnight low of $ 22.48 and then the weekly low of $ 22.325. Wyckoff’s market valuation: 2.5.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no responsibility for any loss and / or damage that might arise from the use of this publication.


Source link

]]>
https://silveracce365.com/solid-gold-and-silver-gains-ahead-of-us-inflation-data/feed/ 0
Gold and silver prices go up before festivals, find out how many prices went up today https://silveracce365.com/gold-and-silver-prices-go-up-before-festivals-find-out-how-many-prices-went-up-today/ https://silveracce365.com/gold-and-silver-prices-go-up-before-festivals-find-out-how-many-prices-went-up-today/#respond Tue, 12 Oct 2021 09:24:38 +0000 https://silveracce365.com/gold-and-silver-prices-go-up-before-festivals-find-out-how-many-prices-went-up-today/ New Delhi: Metal prices in the Indian gold market continue to fluctuate. Both gold and silver rose today (Tuesday) or October 12th compared to the previous trading day. Previously, experts had also predicted an increase in metal prices as the rush of buyers in the gold market increased during this festive season, which could last […]]]>

New Delhi: Metal prices in the Indian gold market continue to fluctuate. Both gold and silver rose today (Tuesday) or October 12th compared to the previous trading day. Previously, experts had also predicted an increase in metal prices as the rush of buyers in the gold market increased during this festive season, which could last until Diwali.

According to the India Bullion and Jewelers Association, the price of 24 karat gold with a purity of 999 rose by 111 rupees to Rs 47,213 per 10 grams on Tuesday, the second trading day of the week, on the morning of October 12th. On the other hand, the price of silver is up Rs 164. Silver rose to Rs 61,654 per kg, more expensive than the previous day of trading. The day before, Monday, the gold and silver price rose in the evening compared to the morning. Where the price of 24 carat gold with 999 purity closed at 47102 in the evening.

Silver with a purity of 999 rose to 614.90 rupees per kg. Tell us there is a difference between the Indian Bullion Jewelers Association and jewelry when customers hit the gold and silver markets. In fact, metals are GST after entering the market, which leads to an increase in metal prices.

GST collections for September totaled Rs 1.17 lakh crore

Kerala Government Says BPCL Privatization Will Not Affect Petrochemical Park

Jaipur International Airport also belongs to the Adani Group, the 7th occupied airport


Source link

]]>
https://silveracce365.com/gold-and-silver-prices-go-up-before-festivals-find-out-how-many-prices-went-up-today/feed/ 0
Gold and silver prices fluctuate due to inflation concerns; expect rates to move sideways to up this week https://silveracce365.com/gold-and-silver-prices-fluctuate-due-to-inflation-concerns-expect-rates-to-move-sideways-to-up-this-week/ https://silveracce365.com/gold-and-silver-prices-fluctuate-due-to-inflation-concerns-expect-rates-to-move-sideways-to-up-this-week/#respond Mon, 11 Oct 2021 02:54:00 +0000 https://silveracce365.com/gold-and-silver-prices-fluctuate-due-to-inflation-concerns-expect-rates-to-move-sideways-to-up-this-week/ Gold prices held steady trading while gold prices hovered around $ 1760 an ounce throughout the week. (Image: REUTERS) From Tapan Patel Commodity prices were held firm, with most non-agro commodities trading higher during the week, aided by a weaker dollar. Crude oil prices soared for the sixth week on the back of lower supplies […]]]>
Gold prices held steady trading while gold prices hovered around $ 1760 an ounce throughout the week. (Image: REUTERS)

From Tapan Patel

Commodity prices were held firm, with most non-agro commodities trading higher during the week, aided by a weaker dollar. Crude oil prices soared for the sixth week on the back of lower supplies and higher demand for expensive alternative fuels. Base metals traded higher after strong stock indices and the return of Chinese markets despite power shortages.

Gold prices traded weakly, with COMEX spot gold prices dropping 0.22% to $ 1,757 an ounce for the week. December Gold Futures on the MCX rose 1.62% to 47,037 rupees per 10 grams, aided by the rupee’s depreciation. The spot rupee fell over the course of the week against the dollar by more than 2% to 75 marks. Gold ETF holdings continued to drain as SPDR Gold Shares dropped from 986.5 tonnes in the previous week to 985 tonnes. The CFTC data showed that asset managers increased their net long positions by 25718 lots over the past week.

Silver prices traded higher, with spot silver prices on the COMEX rising 0.61% this week to $ 22.68 an ounce. MCX Silver December Futures this week rose more than 2% to Rs 61,801 per KG. The price of silver outperformed gold, aided by a recovery in industrial metals. The CFTC data showed that asset managers increased their net long positions by 1112 lots in the past week.

Gold prices held steady trading while gold prices hovered around $ 1760 an ounce throughout the week. Precious metals continued to fluctuate on mixed global evidence of volatile bond yields and global inflation concerns. Gold prices rose on Friday on disappointed US non-farm payrolls, while US bond yields climbed higher. The U.S. non-farm workforce rose 1.94,000 in September, up 490,000 less than expected. The dollar index ended unchanged while 10-year US Treasury bond yields rose to 1.60% on Friday. Bullion prices were also supported by rising gas and coal prices, which fueled inflation concerns.

We expect gold prices to move sideways for the coming week with the COMEX spot gold resistance at $ 1790 an ounce and support at $ 1730 an ounce. On the MCX, gold prices in December have short-term resistance at Rs 47,500 per 10 grams and support at Rs 46,700 per 10 grams. The COMEX silver spot shows short-term resistance at $ 23.60 per ounce with support at $ 21.50 per ounce Ounce on. MCX Silver December has major resistance at Rs 63,000 per KG and support at Rs 59,000 per KG.

(Tapan Patel is a Senior Analyst (Commodities) on HDFC Securities. Views expressed are our own. Please consult your financial advisor before investing.)

Get live stock quotes from BSE, NSE, US market and the latest NAV, mutual fund portfolio, read the latest IPO news, best performing IPOs, calculate your taxes with the income tax calculator, know the top winners , Top losers and best equity funds in the market. Like us on Facebook and follow us on Twitter.

Financial Express is now with Telegram. Click here to join our channel and stay up to date with the latest biz news and updates.



Source link

]]>
https://silveracce365.com/gold-and-silver-prices-fluctuate-due-to-inflation-concerns-expect-rates-to-move-sideways-to-up-this-week/feed/ 0
Silver Price Prediction – Prices are consolidating as the dollar subsides https://silveracce365.com/silver-price-prediction-prices-are-consolidating-as-the-dollar-subsides/ https://silveracce365.com/silver-price-prediction-prices-are-consolidating-as-the-dollar-subsides/#respond Fri, 08 Oct 2021 21:40:17 +0000 https://silveracce365.com/silver-price-prediction-prices-are-consolidating-as-the-dollar-subsides/ Silver prices rose slightly, but gave way after trying to move higher. The dollar lost and yields rose. Gold prices also rose slightly, which led to a low price trend in the precious metals sector. Treasury bond yields continue to rise despite a weaker-than-expected US job report. According to the Ministry of Labor, the number […]]]>

Silver prices rose slightly, but gave way after trying to move higher. The dollar lost and yields rose. Gold prices also rose slightly, which led to a low price trend in the precious metals sector. Treasury bond yields continue to rise despite a weaker-than-expected US job report. According to the Ministry of Labor, the number of non-farm workers increased by only 194,000 a month, compared to expectations of 500,000. According to sources, the survey was conducted in the first 2 weeks of September when the spread of the Delta variant peaked.

Technical analysis

Silver prices rose slightly as the dollar fell. Resistance is seen near the 50-day moving average at 23.49. Support is seen near the 10 year moving average at 22.45. The short-term momentum is positive as the fast stochastics recently generated a crossover buy signal. The medium-term momentum has turned positive as the MACD (Moving Average Convergence Divergenence) index generated a crossover buy signal. This happens when the MACD line (the 12-day moving average minus the 26-day moving average) crosses the MACD signal line (the 9-day moving average of the MACD line). The MACD histogram prints in the positive area with an upward sloping path, which indicates higher prices.

US unemployment rate is falling

According to the US Department of Labor, the unemployment rate fell to 4.8%, a better-than-expected 5.1%, and its lowest level since February 2020. The number of non-farm employees rose by 194,000 in September compared with 500,000 expected. Headline numbers were hurt by a 123,000 drop in government payrolls while private payrolls rose 317,000. Despite the weak employment rate, wages rose sharply. The monthly increase of 0.6% lifted the year-over-year increase to 4.6% as companies use wage increases to address ongoing labor shortages.

This article was originally published on FX Empire

More from FXEMPIRE:


Source link

]]>
https://silveracce365.com/silver-price-prediction-prices-are-consolidating-as-the-dollar-subsides/feed/ 0
Silver Price Daily Forecast – Resistance Test at $ 23.20 https://silveracce365.com/silver-price-daily-forecast-resistance-test-at-23-20/ https://silveracce365.com/silver-price-daily-forecast-resistance-test-at-23-20/#respond Fri, 08 Oct 2021 14:37:30 +0000 https://silveracce365.com/silver-price-daily-forecast-resistance-test-at-23-20/ Silver is gaining ground as the dollar falls after a disappointing report on non-farm payrolls Silver recently attempted to settle above the resistance at $ 23.20 while the US dollar lost ground against a broad basket of currencies. The US dollar index came under pressure following the release of the Non Farm Payrolls report. The […]]]>

Silver is gaining ground as the dollar falls after a disappointing report on non-farm payrolls

Silver recently attempted to settle above the resistance at $ 23.20 while the US dollar lost ground against a broad basket of currencies.

The US dollar index came under pressure following the release of the Non Farm Payrolls report. The report showed that the U.S. economy only created 194,000 jobs in September, compared with an analyst consensus of 500,000, which was bearish for the American currency. Currently, the US dollar index is trying to lower below the 94 support. If the US dollar index manages to get below this level, it will move towards the next support at 93.75, which will be bullish for silver and gold today.

Meanwhile, gold made an attempt to settle above the key resistance level at $ 1,775, but failed to develop sufficient upward momentum and pulled back. The 10-year Treasury yield recently managed to climb back to 1.60%, which was bearish for gold and other precious metals. If gold tests the next support at $ 1750, silver could come under pressure.

The gold / silver ratio has settled below the 20 EMA at 77.40 and tests the 77 level. If this test is successful, the gold / silver ratio will move towards the support at 76.50 which is for Silver will be bullish.

Silver attempted to move above $ 23.20 but encountered strong resistance and retreated towards the 20 EMA near $ 22.80. If silver stays above the 20 EMA, it has another chance to test the resistance level at $ 23.20.

A successful test of this resistance level opens the way to test the resistance at the 50 EMA at $ 23.50. If silver manages to settle above the 50 EMA, it will move towards the next resistance level, which is at $ 23.90.

On the support side, a move below the 20 EMA will push silver towards the support at USD 22.60. If silver falls below this level, it will head for support at $ 22.30. A successful test of the support at $ 22.30 will pave the way to the test of the support at $ 22.10.

You can find an overview of all today’s economic events in our economic calendar.


Source link

]]>
https://silveracce365.com/silver-price-daily-forecast-resistance-test-at-23-20/feed/ 0