XAG USD – Silveracce 365 http://silveracce365.com/ Fri, 30 Sep 2022 11:04:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://silveracce365.com/wp-content/uploads/2021/06/icon-5.png XAG USD – Silveracce 365 http://silveracce365.com/ 32 32 XAG/USD fails to sustain above $19.00, decline towards $18.80 on risk appetite https://silveracce365.com/xag-usd-fails-to-sustain-above-19-00-decline-towards-18-80-on-risk-appetite/ Thu, 29 Sep 2022 22:01:30 +0000 https://silveracce365.com/xag-usd-fails-to-sustain-above-19-00-decline-towards-18-80-on-risk-appetite/ Silver prices stumbled on risk aversion as traders turned to cash. Fed’s Bullard: Traders understood the Fed’s commitment to fighting inflation. NATO said the attack on the Nord Stream 1 and 2 pipelines was caused by sabotage. Silver prices slipped for the second time this week amid falling US Treasury yields, as the “aggressive” tone […]]]>
  • Silver prices stumbled on risk aversion as traders turned to cash.
  • Fed’s Bullard: Traders understood the Fed’s commitment to fighting inflation.
  • NATO said the attack on the Nord Stream 1 and 2 pipelines was caused by sabotage.

Silver prices slipped for the second time this week amid falling US Treasury yields, as the “aggressive” tone of Fed officials, the energy crisis in Europe and the UK report presented by Kwasi Kuarteng, the UK Treasury Secretary under Liz Truss’ government Mini-budget changed the mood sour. As such, XAG/USD is trading at $18.81 a troy ounce, 0.40% below its open price.

On Thursday, Fed officials led by regional Fed Presidents including Cleveland’s Mester and St. Louis Bullard reiterated that the Federal Reserve is compromised to fight inflation, even if it could trigger a recession. James Bullard said traders understood the Fed was serious about fulfilling its price stability mandate, adding the need for higher interest rates for “an extended period of time”.

Meanwhile, Loreta Mester commented that inflation was the main concern, adding that there was no “reason for a slowdown” and forecasting a peak of around 4.6%.

At the time of my writing, San Francisco Fed Mary Daly said it was not necessary to force the US economy into recession to curb inflation, adding that “additional interest rates are necessary and appropriate.”

Meanwhile, NATO said the Nord Stream pipelines leaks were caused by sabotage, noting that “NATO is committed to repelling and defending against hybrid attacks” and “any deliberate attack on critical infrastructure.” of the Allies would be answered with combined forces and determined reaction.”

Although news of the Nord Stream 1 and 2 pipelines sent energy prices higher, WTI and Brent crude suffered losses of 0.46% and 0.54%, respectively.

Apart from that, new British Prime Minister Liz Truss doubled her tax cut budget and said she was ready to make “controversial” decisions, although recent reports from the Guardian said she would hold an emergency meeting with the Office for Budget Responsibility (OBR) on Friday.

Given the fundamental backdrop, XAG/USD prices fell as traders seeking safety preferred to liquidate their positions and braced for cash. US Treasuries, reflecting the aforementioned, remained dovish during the session, while the US Dollar Index was down 0.69%, falling to 111.040.

Silver (XAG/USD) Key Technical Levels

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XAU/USD and XAG/USD trend reversal imminent? https://silveracce365.com/xau-usd-and-xag-usd-trend-reversal-imminent/ Fri, 23 Sep 2022 16:00:00 +0000 https://silveracce365.com/xau-usd-and-xag-usd-trend-reversal-imminent/ Gold, XAU/USD, Silver, XAG/USD – Technical Outlook: Gold continues to flirt with key technical support. Silver has consolidated after a decent rally this month. What is the outlook and what are the key levels to watch for a trend reversal? Recommended by DailyFX How to trade gold TECHNICAL FORECAST FOR GOLD – BEARY The lack […]]]>

Gold, XAU/USD, Silver, XAG/USD – Technical Outlook:

  • Gold continues to flirt with key technical support.
  • Silver has consolidated after a decent rally this month.
  • What is the outlook and what are the key levels to watch for a trend reversal?

Recommended by DailyFX

How to trade gold

TECHNICAL FORECAST FOR GOLD – BEARY

The lack of further price action in spot gold after last week’s break below the key horizontal trendline support at 1676 (which coincides with the 200 week moving average) raises some doubts about the reliability of the bearish signal. However, stalling after the break alone is not enough to infer a wrong move – it could well indicate a delay. While the yellow metal holds below 1676, the subsequent decline could come next week or in due course.

For a false break to occur, as silver did recently (see chart), gold must at least break above the 1698 September 15 high – an outside opportunity highlighted last week. This has never happened even on an intraday basis. Therefore, the short-term outlook for gold remains bearish. A rise above 1698 could open the way to the 1735 September 12 high.

From the overall perspective, a decisive break (at least two weekly closes) below 1676 would trigger a double top pattern (the 2020 and 2022 highs), suggesting a possible pullback towards the 200-month moving average (now at around 1292). indicates ). There is quite strong support at 1620 (the 50% retracement of the 2018-2020 surge), followed by 1510 (the 61.8% retracement).

XAU/USD & XAG/USD daily chart

Chart created with TradingView

SILVER TECHNICAL FORECAST – NEUTRAL

Silver’s overall neutral bias from last week remains unchanged. As noted, the multi-month slide on higher timeframe charts has lost steam, raising the prospect of sideways conditions in the meantime. From a few weeks perspective, 5.50-9pm is a potential range notwithstanding this week’s sideways price action giving the impression of an even tighter congestion zone.

After the strong rally earlier this month, silver has consolidated below key resistance at the 20.00 psychological and technical level (which includes the 12th September high). It is crucial for silver to break this resistance if the overall recovery structure has any legs since the beginning of the month. Such a break could open the way towards 21.00 (the August high, which roughly coincides with the 200-week moving average).

To the downside, a decisive break below 18.76 16th September low would suggest this month’s rally has been an absolute pullback, raising the prospect of a retest of 17.53 1st September low. Additionally, a decisive break below 17.53 would be a sign that silver has resumed its medium-term downtrend.

XAG/USD 3 hour chart

XAG/USD 3 hour chart

Chart created with TradingView

— Written by Manic Jaradi, strategist for DailyFX.com

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The index structure shows an opportunity to buy commodities https://silveracce365.com/the-index-structure-shows-an-opportunity-to-buy-commodities/ Wed, 21 Sep 2022 13:20:11 +0000 https://silveracce365.com/the-index-structure-shows-an-opportunity-to-buy-commodities/ The Dollar Index ($USDX) has been showing five waves since the 1/3/2008 low, which will provide many signals in the marketplace. Below is a monthly chart of the dollar index $USDX Monthly Elliott Wave The monthly chart above shows the progression of the five waves from 01/03/08 and the different degrees within the cycle. The […]]]>

The Dollar Index ($USDX) has been showing five waves since the 1/3/2008 low, which will provide many signals in the marketplace. Below is a monthly chart of the dollar index

$USDX Monthly Elliott Wave

The monthly chart above shows the progression of the five waves from 01/03/08 and the different degrees within the cycle. The idea is overall bullish for USDX. However, there are two possibilities for the dollar index. It may soon make a significant correction and fall sharply to correct the entire cycle. Alternatively, it is simply correcting the cycle since the 01/02/2018 lows and continuing higher.

At EWF we have found that the most significant advantage of the theory is the understanding of the sequence. Every time wave five appears there is a clear right side and consequently opportunities. As we can see in the chart, there have been five blips in blue since the 01/03/2008 lows. This gives $USDX buyers a temporary warning. It has also reached a 61.8% to 76.4% Fiboancci expansion between (I) and (II), which is usually an area where wave five can end. As said, there are two results. The first is the classic pattern in Elliott Wave theory, shown in the table below:

Elliott wave impulse and zigzag cycle

diagram

The chart above shows that after five waves, a major sell-off in the dollar may soon occur. If we downgrade the cycle since 01/02/2018, it seems like waves IV and V are missing. But that takes away the market‘s warning that the dollar may soon decline.

The second scenario assumes the same lows on January 3rd, 2008, the index shows the same five waves. But in this case we call them five swings, which is a huge difference. The following graphic shows the structure:

diagram

The diagram above shows a WXY structure. It combines two cycles of three waves or two ABCs in Elliott Wave Theory. In this second scenario, the index should finish swing five behind the lows on 01/02/2018, but the pullback should be smaller than in scenario one.

Professional traders understand the entire market and are always looking for the instrument that has clear structures. They then look for buy/sell opportunities, which we call Elliott Wave hedging, meaning that both sides of the market (ie buyers and sellers) agree on a reaction. Looking at the USDX structure and analyzing both scenarios, a USDX pullback may be seen in 2023. However, the Elliott Wave structure clearly shows that the higher degree right side is bullish. The index should be supported for a long time. Commodities lead the USDX pairs and trade in the second dimension when they agree on the swing direction but not the overall direction. It can be seen in the graphic below:

diagram

Monthly $USDX charts overlay with $XAGUSD (Silver); As we can see, the metal should not trade below zero and has held the lows while the USDX is close to a top. Understanding and reading the market makes a huge difference when it comes to being on the right page and knowing which instruments to trade.

Conclusion: 2023 could see USDX pullback, meaning higher $EURUSD, $AUDUSD, $NZDUSD, $GBPUSD and higher commodities. Commodities should hold stronger versus the $USDX and offer a better buy into 2023.

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$USDX: The index structure that provides an opportunity to buy commodities https://silveracce365.com/usdx-the-index-structure-that-provides-an-opportunity-to-buy-commodities/ Wed, 21 Sep 2022 03:04:55 +0000 https://silveracce365.com/usdx-the-index-structure-that-provides-an-opportunity-to-buy-commodities/ The Dollar Index ($USDX) has been showing five waves since the 1/3/2008 low, which will provide many signals in the marketplace. Below is a monthly chart of the dollar index $USDX Monthly Elliott Wave The monthly chart above shows the progression of the five waves from 01/03/08 and the different degrees within the cycle. The […]]]>

The Dollar Index ($USDX) has been showing five waves since the 1/3/2008 low, which will provide many signals in the marketplace. Below is a monthly chart of the dollar index

$USDX Monthly Elliott Wave

The monthly chart above shows the progression of the five waves from 01/03/08 and the different degrees within the cycle. The idea is overall bullish for USDX. However, there are two possibilities for the dollar index. It may soon make a significant correction and fall sharply to correct the entire cycle. Alternatively, it is simply correcting the cycle since the 01/02/2018 lows and continuing higher.

At EWF we have found that the most significant advantage of the theory is the understanding of the sequence. Every time wave five appears there is a clear right side and consequently opportunities. As we can see in the chart, there have been five blips in blue since the 01/03/2008 lows. This gives $USDX buyers a temporary warning. It has also reached a 61.8% to 76.4% Fiboancci expansion between (I) and (II), which is usually an area where wave five can end. As said, there are two results. The first is the classic pattern in Elliott Wave theory, shown in the table below:

Elliott Wave Impulse and Zigzag Cycle

The chart above shows that after five waves, a major sell-off in the dollar may soon occur. If we downgrade the cycle since 01/02/2018, it seems like waves IV and V are missing. But that takes away the market‘s warning that the dollar may soon decline.

The second scenario assumes the same lows on January 3rd, 2008, the index shows the same five waves. But in this case we call them five swings, which is a huge difference. The following graphic shows the structure:

The diagram above shows a WXY structure. It combines two cycles of three waves or two ABCs in Elliott Wave Theory. In this second scenario, the index should end swing five behind the lows on 01/02/2018, but the pullback should be smaller than in scenario one.

Professional traders understand the entire market and are always looking for the instrument that has clear structures. They then look for buy/sell opportunities, which we call Elliott Wave hedging, meaning that both sides of the market (ie buyers and sellers) agree on a reaction. Looking at the USDX structure and analyzing both scenarios, a USDX pullback may be seen in 2023. However, the Elliott Wave structure clearly shows that the higher degree right side is bullish. The index should be supported for a long time. Commodities lead the USDX pairs and trade in the second dimension when they agree on the swing direction but not the overall direction. It can be seen in the graphic below:

Monthly $USDX charts overlay with $XAGUSD (Silver); As we can see, the metal should not trade below zero and has held the lows while the USDX is close to a top. Understanding and reading the market makes a huge difference when it comes to being on the right page and knowing which instruments to trade.

Conclusion: 2023 could see USDX pullback, meaning higher $EURUSD, $AUDUSD, $NZDUSD, $GBPUSD and higher commodities. Commodities should hold stronger versus the $USDX and offer a better buy into 2023.

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Materials Sector Weekly Roundup: The sector sees red, steelmakers at the bottom https://silveracce365.com/materials-sector-weekly-roundup-the-sector-sees-red-steelmakers-at-the-bottom/ Sat, 17 Sep 2022 18:18:00 +0000 https://silveracce365.com/materials-sector-weekly-roundup-the-sector-sees-red-steelmakers-at-the-bottom/ Vladimir Zapletin Commodities were the biggest loser this week in the S&P 500, which posted its worst weekly performance since mid-June, falling 4.78% over the five-day session. The sector is down -6.65% and the Materials Select Sector SPDR ETF (XLB) -6.62%. Gold (XAU:USDCUR) fell to $1,662/oz for the week, its lowest since April 2020. Meanwhile, […]]]>

Vladimir Zapletin

Commodities were the biggest loser this week in the S&P 500, which posted its worst weekly performance since mid-June, falling 4.78% over the five-day session. The sector is down -6.65% and the Materials Select Sector SPDR ETF (XLB) -6.62%.

Gold (XAU:USDCUR) fell to $1,662/oz for the week, its lowest since April 2020. Meanwhile, silver (XAGUSD:CUR) gained 4.9% to start the week and close at +3.8% on Friday . This contributed to a recent rebound in the economy, which is now +9.3% since the end of August.

In contrast, benchmark copper was viewed on the London Metal Exchange fall weekly of around 3% amid a stronger dollar and a weaker yuan. Aluminum was also down about 2.3% to $2,254 a ton.

Steelmakers US Steel (X) and Nucor (NUE) also came under pressure this week after releasing weaker-than-expected Q3 estimates.

Take a look at this week’s top gainers among basic materials stocks (market cap of $2 billion or more):

  • Group Simec (SIM) +3.32%
  • Livent (LTHM) +0.91%
  • Applied GCP Technologies (GCP) -0.35%
  • Sigma Lithium (SGML) -0.47%
  • Newmont (NEM) -1.30%

The top losers were:

  • US Steel (X) -21.17%
  • Cleveland Cliffs (CLF) -20.63%
  • Alcoa (AA) -20.10%
  • Nukor (NUE) -19.08%
  • Olin (OLN) -18.53%

Other material ETFs to keep an eye on: iShares Global Timber & Forestry ETF (WOOD), Materials Select Sector SPDR ETF, Vanguard Materials ETF (VAW), iShares Global Materials ETF (MXI), SPDR S&P Metals and Mining ETF (XME), VanEck Vectors Gold Miners ETF (GDX), iShares MSCI Global Gold Miners ETF (RING), Global X Copper Miners ETF (COPX).

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Divergent trends in XAU/USD and XAG/USD https://silveracce365.com/divergent-trends-in-xau-usd-and-xag-usd/ Fri, 16 Sep 2022 20:00:00 +0000 https://silveracce365.com/divergent-trends-in-xau-usd-and-xag-usd/ Gold, XAU/USD, Silver, XAG/USD – Technical Outlook: Gold is attempting to break below key support. Silver is looking for direction after this month’s rally. What is the outlook and what are the key levels to watch for a trend reversal? Recommended by DailyFX Get your free gold forecast TECHNICAL FORECAST FOR GOLD – BEARY Spot […]]]>

Gold, XAU/USD, Silver, XAG/USD – Technical Outlook:

  • Gold is attempting to break below key support.
  • Silver is looking for direction after this month’s rally.
  • What is the outlook and what are the key levels to watch for a trend reversal?

Recommended by DailyFX

Get your free gold forecast

TECHNICAL FORECAST FOR GOLD – BEARY

Spot gold is testing key technical support, a break below it could signal further weakness in the coming months. It is attempting to break the key horizontal trendline support at 1,676, which coincides with the 200-week moving average. Although it closed below support on Thursday, given the importance of support and the frequency with which it has been tested since 2021, it might be prudent to await two weekly closes below support before completing Thursday’s move as a valid break.

A decisive break of the four year moving average could have repercussions not just for a few days, but possibly weeks/months. In terms of levels, a drop below the horizontal trendline would trigger a double top pattern (2020 and 2022 highs), suggesting a possible pullback towards the 200-month moving average (now at around 1292). Still, there is fairly strong support at 1,620 (the 50% retracement of the 2018-2020 surge), followed by 1510 (the 61.8% retracement).

To be fair, the bearish break is undecided. There is a possibility that Thursday’s move was a false break prompted by position adjustments ahead of next week’s crucial meeting of the Federal Reserve’s FOMC rate-setting committee. Silver experienced a similar false break earlier this month. The first sign that gold’s break was wrong would be to erase Thursday’s losses and close above 1,676, increasing the likelihood of a move towards the 12th September high of 1,735. A break above 1735 would then likely turn the bias from bearish in favor of range trading conditions in the meantime.

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How to trade gold

XAU/USD weekly chart

Chart created with TradingView

TECHNICAL FORECAST OF SILVER – NEUTRAL

The failure to take losses after breaking below key technical support earlier this month, coupled with positive divergence on the daily and weekly charts, suggests that silver could settle in a range in the short-term.

For the week ended September 2nd, silver closed below support at the July low of 18.11. But even though the price made a new low, the Relative Strength Index (RSI), a measure of momentum, failed to follow. A new price low coupled with weak momentum often indicates that bears lack strength, increasing the likelihood of a false breakout.

Similarly, the daily chart’s RSI formed a ‘higher low’, referred to as positive divergence (with the price), despite silver making a new price low on September 1st. The following week, silver recouped the previous week’s loss and subsequently rose above minor resistance at the late August high of 19.40. For range trading conditions to turn bullish, silver would need to break above the resistance area including the 200 week moving average, the 21.40 horizontal trendline and the 20.86 August high. On the downside, a decisive break below the 17.53 September 1st low would be a sign that silver has resumed its medium-term downtrend.

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XAG/USD daily chart

XAG/USD daily chart

Chart created with TradingView

— Written by Manic Jaradi, strategist for DailyFX.com

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XAG/USD holds gains near the daily high, around the mid-$19.00 area https://silveracce365.com/xag-usd-holds-gains-near-the-daily-high-around-the-mid-19-00-area/ Wed, 14 Sep 2022 10:58:46 +0000 https://silveracce365.com/xag-usd-holds-gains-near-the-daily-high-around-the-mid-19-00-area/ Silver regains positive traction on Wednesday, recovering some of the overnight decline. The emergence of dip buying favors bullish traders and supports prospects for more gains. A convincing break through a multi-month descending trend line will confirm the positive bias. Silver attracts some buying near the $19.25 region or 50-day SMA support on Wednesday, reversing […]]]>
  • Silver regains positive traction on Wednesday, recovering some of the overnight decline.
  • The emergence of dip buying favors bullish traders and supports prospects for more gains.
  • A convincing break through a multi-month descending trend line will confirm the positive bias.

Silver attracts some buying near the $19.25 region or 50-day SMA support on Wednesday, reversing part of the overnight retracement foil from a nearly four-week high. The white metal maintains its bidding tone through the first half of the European session and it is currently just above the mid-$19.00 level.

Technically, the recent bounce off the $17.55 area or above a two-year low on Tuesday has stalled near descending trendline resistance. The said barrier, which is currently near the psychological $20.00 level, extends from the monthly swing high in May and should act as a linchpin. A convincing breakout is seen as a new trigger for bulls and sets the stage for additional gains.

Given that technical indicators on the daily chart have just started moving into bullish territory, XAG/USD could then rise to test the 100-day SMA near the $20.45 region . Some follow-up buying should allow spot prices to work towards reclaiming the round figure of $21.00 again. The momentum could extend further towards the next relevant hurdle around the $21.50 area.

On the downside, the $19.25 (50 DMA) region seems to have turned out to be immediate strong support. Closely followed by $19.00 which if broken could trigger some technical selling around XAG/USD. However, the ensuing plunge could still be viewed as a buying opportunity and remain capped near the $18.45-$18.40 support zone, which should serve as a strong base for the metal.

Silver daily chart

Important levels to see

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AUD/USD rises on weaker USD as Australian consumer confidence approaches https://silveracce365.com/aud-usd-rises-on-weaker-usd-as-australian-consumer-confidence-approaches/ Mon, 12 Sep 2022 23:00:00 +0000 https://silveracce365.com/aud-usd-rises-on-weaker-usd-as-australian-consumer-confidence-approaches/ Australian Dollar, AUD/USD, US Dollar, Silver, Technical Outlook – Topics to Talk about Asia Pacific markets are set for higher opening on broad US dollar softness Australian consumer confidence set to cross wires in APAC trade AUD/USD is rising towards resistance as momentum oscillators are pointing to more upside Recommended by Thomas Westwater Introduction to […]]]>

Australian Dollar, AUD/USD, US Dollar, Silver, Technical Outlook – Topics to Talk about

  • Asia Pacific markets are set for higher opening on broad US dollar softness
  • Australian consumer confidence set to cross wires in APAC trade
  • AUD/USD is rising towards resistance as momentum oscillators are pointing to more upside

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Asia Pacific Outlook Tuesday

Asia Pacific markets appear poised to extend Monday’s gains after a risky trading session on Wall Street. The benchmark S&P 500 ended 1.06% higher, led by gains in the energy, information technology and consumer discretionary sectors. The US dollar fell against most of its major peers as traders brace for a soft US CPI report due Tuesday. While market bets continue to point to a 75 basis point hike in the FOMC later this month, a fall in the CPI would likely weigh on future sessions.

The price of gold rose against the greenback. Silver prices rose. According to the CFTC’s Friday Commitments of Traders (COT) report for the week ended September 6, non-commercial short silver positioning rose to its highest level since July 2019. The increased number of short positions likely increased Contributed to today’s move higher as some traders believe bought to cover. XAG/USD is up over 5% while Gold is up 0.5%. The gold/silver ratio — a measure of how much silver it takes to buy one ounce of gold bullion — fell near a multi-month low.

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Soybean prices rose in Chicago after the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report was released. Soybean production is expected to fall by 152 million bushels. Corn prices rose while wheat fell. Random timber futures rose nearly 10% as a possible US railroad strike threatens food and energy supplies. Negotiations between unions and railway companies will continue until Friday. The White House is reportedly involved.

Japan’s Business Survey Index (BSI) Large Manufacturing for the third quarter is due this morning. The island nation’s August producer price index (PPI) is expected to rise 0.4% mom. The Westpac Melbourne Institute’s September consumer sentiment survey is a potentially market-moving event today. Last month the consumer sentiment index fell to 81.2 as inflation and RBA rate hikes weighed on confidence. Since then, the RBA has hiked rates again. AUD/USD hit a fresh September high during New York trade.

Starts in:

Live now:

September 20th

(02:09 GMT)

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Weekly Commodity Trading Preparation

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AUD/USD Technical Outlook

AUD/USD is trading just below its 50-day simple moving average (SMA) after breaching the 61.8% Fibonacci retracement. A break above this SMA would challenge the pseudo-50% Fib level before threatening the falling 100-day SMA, which is currently trading alongside the 38.2% Fib. The daily Relative Strength Index (RSI) crossed above its midpoint as the MACD moved above its signal line, both bullish momentum signals.

AUD/USD daily chart

aud-usd chart

Chart created with trading view

— Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas use the comments section below or @FxWestwater on twitter

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Technical Forecast for Gold and Silver for the Coming Week: Will XAU/USD, XAG/USD Turn? https://silveracce365.com/technical-forecast-for-gold-and-silver-for-the-coming-week-will-xau-usd-xag-usd-turn/ Fri, 09 Sep 2022 19:00:00 +0000 https://silveracce365.com/technical-forecast-for-gold-and-silver-for-the-coming-week-will-xau-usd-xag-usd-turn/ Gold, XAU/USD, Silver, XAG/USD – Technical forecast for the coming week: Gold prices leveled off in August after sustained losses Meanwhile, silver is making a more aggressive push higher What are the key technical levels to watch over the coming week? Recommended by Daniel Dubrovsky Get your free gold forecast Technical Forecast for Gold – […]]]>

Gold, XAU/USD, Silver, XAG/USD – Technical forecast for the coming week:

  • Gold prices leveled off in August after sustained losses
  • Meanwhile, silver is making a more aggressive push higher
  • What are the key technical levels to watch over the coming week?

Recommended by Daniel Dubrovsky

Get your free gold forecast

Technical Forecast for Gold – Neutral

Gold prices have leveled off over the past week after sustained losses in August. Prices reinforced the 1681 – 1696 support zone, breaking out of a Bullish Engulfing Candlestick Pattern. The yellow metal then found cautious upward movement as prices neared the 38.2% Fibonacci extension level at 1732.

Not far above is the 20-day simple moving average (SMA), which could restore focus on the downside. If this is not the case, the long-term falling trend line will come into focus from March. Confirming a break above this trendline will likely be crucial to reverse the downtrend. Until then, there is room for gold to move higher in the meantime without necessarily breaking the downside focus seen earlier this year.

If that’s the case, keep a close eye on the 100-day SMA as the next key level. In the event of a move down, keep a close eye on the July low. A confirmatory break would open the door to testing the lowest price since 2021. Subsequent losses would reveal the 78.6% and 100% Fibonacci extensions at 1651 and 1609, respectively.

Recommended by Daniel Dubrovsky

How to trade gold

XAU/USD daily chart

Chart created with TradingView

Silver Technical Forecast – Slightly Bullish

Silver prices have been rallying higher for the past week after a false break below the 18.148 – 18.410 support zone. XAG/USD then confirmed a break above the mid-August short-term declining trendline. That has opened the door for more gains as the 50-day SMA approaches. This line is also closely aligned with the 38.2% Fibonacci extension at 19.204.

A push higher would then expose the 23.6% level at 19.841 before the August high at 20.871 comes into play. In the event of a turn down, keep an eye on the previously mentioned support zone. Further losses then unleash the 78.6% extension at 17.44 before the 100% mark comes into play at 16.507.

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XAG/USD daily chart

Chart created with TradingView

— Written by Daniel Dubrovsky, strategist for DailyFX.com

To contact Daniel use the comments section below or @ddubrovskyFX on twitter

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XAG/USD steady around $18.00 amid sour sentiment https://silveracce365.com/xag-usd-steady-around-18-00-amid-sour-sentiment/ Mon, 05 Sep 2022 15:33:32 +0000 https://silveracce365.com/xag-usd-steady-around-18-00-amid-sour-sentiment/ Silver prices start the week up 0.30% on the right foot. Europe’s energy crisis worsens as G7 ministers slash Russian oil prices while Russia halts gas exports. US real yields remain above the 0.70% threshold but nearly 10 basis points below daily highs. Silver prices regained some composure on Monday, rising more than 0.50% despite […]]]>
  • Silver prices start the week up 0.30% on the right foot.
  • Europe’s energy crisis worsens as G7 ministers slash Russian oil prices while Russia halts gas exports.
  • US real yields remain above the 0.70% threshold but nearly 10 basis points below daily highs.

Silver prices regained some composure on Monday, rising more than 0.50% despite weak liquidity conditions as US markets were closed for Labor Day. Meanwhile, the common bloc’s energy crisis worsens as Gazprom halted gas supplies to Europe in retaliation after a G7 meeting imposed a cap on Russian oil. At the time of writing, XAG/USD is trading at $18.08, above its open price.

Global equities are trading lower reflecting the market deterioration. Last week’s US jobs data, with better-than-expected nonfarm payrolls, downgrades and a 3.7% rise in the unemployment rate reduced the likelihood of an aggressive Federal Reserve.

The US Dollar Index renewed its 20-year high around $110.27, taking the EUR/USD pair below the 0.9900 level, despite the white metal trading lower but above its opening price. US 10-year TIPS, a proxy for real yields that measures 10-year nominal yield less inflation expectations, remain positive but are down 0.827% from daily highs at 0.729%, a tailwind for XAG/USD.

Something to see

The US list will include Fed spokesmen with Cleveland President Loretta Mester on Wednesday and Jerome Powell’s speech on Thursday. Also, jobless claims for the week ended September 2 would be watched alongside the S&P Global and ISM Services PMI by investors looking for clues as to how the US economy is faring.

Silver Price Prediction (XAG/USD): Technical Outlook

XAG/USD remains neutral to downside despite recent bounce off YTD lows at $17.56. Still, a break above the July 14th low at $18.14 is needed to open the door for a retest of the 20-50 DMA confluence around $19.25-40. Otherwise, expect a resumption to the downside and another attempt to break below the YTD low en route to the June 2020 lows of $16.95.

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