XAG USD – Silveracce 365 http://silveracce365.com/ Fri, 20 May 2022 06:35:30 +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 is breaking away from key short-term resistance near $22.00 https://silveracce365.com/xag-usd-is-breaking-away-from-key-short-term-resistance-near-22-00/ Fri, 20 May 2022 00:36:24 +0000 https://silveracce365.com/xag-usd-is-breaking-away-from-key-short-term-resistance-near-22-00/ Silver is fading upside momentum near one-week high but remains on course for first weekly gain since early April. Three week old descending trendline, 100-SMA limits near rises within weekly rising channel. MACD and RSI conditions are pointing for a gradual recovery until the price stays above $21.40. Silver (XAG/USD) parries previous day’s gains during […]]]>
  • Silver is fading upside momentum near one-week high but remains on course for first weekly gain since early April.
  • Three week old descending trendline, 100-SMA limits near rises within weekly rising channel.
  • MACD and RSI conditions are pointing for a gradual recovery until the price stays above $21.40.

Silver (XAG/USD) parries previous day’s gains during Friday’s weak Asian session around $21.90.

As it does so, the bright metal is pulling away from a late April downward sloping trendline while remaining within a week-old ascending trend channel.

However, the firmer RSI (14) and bullish MACD join the rising channel formation to give XAG/USD buyers hopeful of clearing the immediate $22.00 hurdle.

However, the 100 SMA level near $22.10 is acting as an additional filter north before steering the price towards the upper line of the indicated channel, which is close to $22.50 at press time.

Meanwhile, pullback moves remain elusive until they stay above the channel’s support line, no later than around $21.40.

After that, a downtrend towards the monthly low of $20.45 and then to the $20.00 threshold cannot be ruled out.

Silver: four hour chart

Trend: Further upside potential expected

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XAG/USD stagnated near 50% Fibo., bearish flag on short term charts https://silveracce365.com/xag-usd-stagnated-near-50-fibo-bearish-flag-on-short-term-charts/ Tue, 17 May 2022 10:20:05 +0000 https://silveracce365.com/xag-usd-stagnated-near-50-fibo-bearish-flag-on-short-term-charts/ Silver gained positive traction for the third straight day on Tuesday. Recent price action formed a bearish flag formation. Negative oscillators continue to support prospects for additional losses. Silver built on its rebound from a nearly two-year low hit last week, gaining positive traction for a third straight day on Tuesday. Momentum pushed spot prices […]]]>
  • Silver gained positive traction for the third straight day on Tuesday.
  • Recent price action formed a bearish flag formation.
  • Negative oscillators continue to support prospects for additional losses.

Silver built on its rebound from a nearly two-year low hit last week, gaining positive traction for a third straight day on Tuesday. Momentum pushed spot prices to a four-day high around the $21.85 area in the first half of the European session, although enforcement was lacking.

The intraday uptrend stalled near the 50% Fibonacci retracement level of the $23.24 to $20.46 crash and should serve as a linchpin for intraday traders. However, any subsequent move higher is likely to face stiff resistance near $22.00, which is the top of an ascending channel.

In light of the recent sharp decline, the aforementioned trend channel represents the formation of a bearish flag pattern. Furthermore, the daily chart’s technical indicators are still remaining deep in negative territory, suggesting that the attempted recovery is in danger of stalling fairly quickly fizzle out.

However, a convincing break of $22.00 would nullify the bearish prospects and trigger a fresh push of a short covering rally. XAG/USD could then surpass the 61.8% Fibo. Levels around the $22.20 region and accelerating momentum towards the next relevant hurdle near the $22.55 region.

On the other hand the 38.2% Fibo. The level around the $21.50 zone now appears to be protecting the immediate downside. Closely followed by the ascending trend channel support near the $21.35 region, which if decisively broken will reinforce the bearish bias and open the way for more losses.

Silver 1 hour chart

key levels to observe

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Smart Agricultural Equipment Market Growth Statistics, Size Estimation, Emerging Trends, Outlook To 2030 – SMU Daily Mustang https://silveracce365.com/smart-agricultural-equipment-market-growth-statistics-size-estimation-emerging-trends-outlook-to-2030-smu-daily-mustang/ Fri, 13 May 2022 13:43:05 +0000 https://silveracce365.com/smart-agricultural-equipment-market-growth-statistics-size-estimation-emerging-trends-outlook-to-2030-smu-daily-mustang/ That global Smart Agricultural Equipment Market expected to achieve XX million USD by 2030Registration a CAGR of XX% during the forecast period. Due to the high popularity of this product/service in North America and Asia, the growth trend of Smart Agriculture Devices in recent years and the growth of consumer demand are expected to propel […]]]>

That global Smart Agricultural Equipment Market expected to achieve XX million USD by 2030Registration a CAGR of XX% during the forecast period. Due to the high popularity of this product/service in North America and Asia, the growth trend of Smart Agriculture Devices in recent years and the growth of consumer demand are expected to propel the global Smart Agriculture Devices market.

Regional Research Reports recently released this report by considering the emerging market trends and analyzing the maximum untapped opportunities that a company can capitalize on in the coming years. This market research study elaborates the market size, share, growth, market features, competitor pricing, company share, market trends and opportunities in the Smart Farming Equipment industry and breaks it down by type, application and consumption area of ​​Smart Farming Equipment. The report also performed Porter Five Forces analysis, PESTEL analysis, SWOT analysis, regulatory landscape and prominent industry buyers to study the key drivers and barriers to entry of the industry.

Get a full PDF sample copy of the report@https://www.regionalresearchreports.com/request-sample/smart-agriculture-devices-market/AS-1183

The Smart Farming Equipment Market report provides a detailed analysis of global market size, regional and country level market size, segmentation market growth, share, competitive landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments , opportunity analysis, strategic market growth analysis, product launches, area market expansion and technological innovation.

This report provides Smart Agriculture Devices market size and forecasts worldwide, including the following market information:

  • Global Smart Farming Equipment Market Revenue, 2018-2021, 2022-2030 (US$ Million)
  • Top five global smart farm equipment companies in 2021 (%)

Chapter 3.4 of the report has fully assessed the impact of COVID-19 outbreak on the industry. A full risk assessment and industry recommendations have been made for Smart Agriculture Devices in a special period. This chapter also compares the pre and post COVID-19 markets. Additionally, Chapters 8-12 specifically includes the impact of COVID-19 on each regional economy mentioned in the research study.

Regional Research Reports surveyed the Smart Farming Devices manufacturers, suppliers, distributors, and industry experts in this industry including sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, barriers, and potential risks.

Report Discount Request @https://www.regionalresearchreports.com/request-for-special-pricing/smart-agriculture-devices-market/AS-1183

Total market by segment:

Global Smart Farming Equipment Market, by Type, 2018-2021, 2022-2030 (Million US$)

Global Smart Farming Equipment Market Segment Percentages by Type, 2021 (%)

  • Intelligent farming sensor
  • Intelligent farming robot
  • Agricultural drone
  • Other

Global Smart Farming Equipment Market, By Application, 2018-2021, 2022-2030 (Million US$)

Global Smart Farming Equipment Market Segment Percentages by Application, 2021 (%)

  • grow agriculture
  • horticulture
  • livestock monitoring
  • Miscellaneous

Global Smart Farming Equipment Market, by Region and Country, 2018-2021, 2022-2030 (Million US$)

Global Smart Farming Equipment Market Segment Percentages by Region and Country, 2021 (%)

  • North America
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Russia
    • Nordic countries
    • Benelux
    • rest of Europe
  • Asia
    • China
    • Japan
    • South Korea
    • South East Asia
    • India
    • rest of Asia
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • Turkey
    • Israel
    • Saudi Arabia
    • UAE
    • Rest of Middle East and Africa

competitive analysis

The report also includes an analysis of leading market players including:

  • Estimated Revenue of Major Smart Agricultural Equipment Companies in Global Market, 2018-2021, (in Million U.S. Dollars)
  • Key Companies Sales Share of Smart Agriculture Devices in Global Market, 2021 (%)
  • Key Companies Smart Agriculture Devices Revenue Share in Global Market, 2021 (%)

In addition, the report includes profiles of competitors in the market. Key players include:

  • AGCO Corporation
  • Texas Instruments
  • Kebai science
  • XAG
  • TOPCON positioning systems
  • YANMAR
  • Allflex
  • Trimble Inc
  • GEA Farm Technologies
  • Lely
  • DeLaval
  • AKVA Group
  • AG crossing
  • Raven Industries
  • AeroFarms
  • Jamaica
  • Shenzhen Hi-Tech New Agriculture Technology
  • John Deere
  • AG technology leader
  • Robotics Plus
  • Osram LichtAG
  • CropX
  • FarmBot

Request for report description @https://www.regionalresearchreports.com/industry-reports/smart-agriculture-devices-market/AS-1183

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XAG/USD fading rebound inside bearish pennant, $22.00 in focus https://silveracce365.com/xag-usd-fading-rebound-inside-bearish-pennant-22-00-in-focus/ Wed, 11 May 2022 23:38:33 +0000 https://silveracce365.com/xag-usd-fading-rebound-inside-bearish-pennant-22-00-in-focus/ Silver price remains offside after latching four-day downtrend. Bearish chart pattern, weak MACD signals keep sellers hopeful. 100-HMA weekly horizontal resistance adds to upper filter. Silver (XAG/USD) is struggling to extend recovery moves from a two-year low within an imminent bearish pennant formation, rounding to $21.50 during Thursday’s Asian session. In addition to a two-day-old […]]]>
  • Silver price remains offside after latching four-day downtrend.
  • Bearish chart pattern, weak MACD signals keep sellers hopeful.
  • 100-HMA weekly horizontal resistance adds to upper filter.

Silver (XAG/USD) is struggling to extend recovery moves from a two-year low within an imminent bearish pennant formation, rounding to $21.50 during Thursday’s Asian session.

In addition to a two-day-old bearish chart pattern, sluggish MACD signals also suggest a lack of buying momentum, leaving sellers waiting for a trigger to re-enter.

As a result, a downside break of the indicated pennant support around $21.40 will serve as a key near-term level where to look for fresh short positions.

After that, the recent low of $21.18 and the round figure of $21.00 could entertain traders before guiding them towards the $20.00 line.

Meanwhile, recovery moves will have a hard time breaching the $22.00 level, which includes the pennant upper line and the 100-HMA.

Another challenge for the XAG/USD buyers is a weekly horizontal range around $22.10-$15.

Should silver buyers hold the reins above $22.15, multiple hurdles could flash on their radar near $22.85, $23.00 and the monthly high of $23.28.

Silver: hourly chart

Trend: Further weakness expected

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Sequoia-backed agritech company XAG Tech is ending its IPO https://silveracce365.com/sequoia-backed-agritech-company-xag-tech-is-ending-its-ipo/ Tue, 10 May 2022 03:25:50 +0000 https://silveracce365.com/sequoia-backed-agritech-company-xag-tech-is-ending-its-ipo/ Founded in 2007, XAG Tech is dedicated to empowering agriculture through technology, and its main business is to provide intelligent agricultural equipment and intelligent agricultural management system. The Shanghai Stock Exchange (SSE) recently suspended the listing review of XAG Tech (Chinese: 极飞科技) because the issuer withdrew its listing application or the sponsor withdrew its recommendation. […]]]>

Founded in 2007, XAG Tech is dedicated to empowering agriculture through technology, and its main business is to provide intelligent agricultural equipment and intelligent agricultural management system.

The Shanghai Stock Exchange (SSE) recently suspended the listing review of XAG Tech (Chinese: 极飞科技) because the issuer withdrew its listing application or the sponsor withdrew its recommendation.

Previously, XAG Tech has closed six rounds of funding from top companies and institutions including GL Ventures, Baidu Capital, Sinovation Ventures and SoftBank Vision Fund.

However, over the past five years, XAG Tech’s net loss has continued to grow. Data from the prospectus shows that the company’s net loss increased from CNY6.72 million (US$1 million) in 2018 to CNY85.12 million (US$12.65 million) in 2021.

As a reason for the loss, XAG Tech explained that the company operates in a fast-growing industry, so market competition is intensifying. In addition, the company is currently investing heavily in research and development, and new products are still in the promotion phase, so the sales size effect has not yet been felt.

Also, the company mentioned in the risk warning section of the prospectus that it has risk of R&D failure and inability to industrialize R&D results.

The company expects to break even within the next two years. However, it is still questionable whether this can be achieved.

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Smart Farming Equipment Market Share, Regional Growth, Future Dynamics, Emerging Trends and Outlook to 2030 – Queen Anne and Mangolia News https://silveracce365.com/smart-farming-equipment-market-share-regional-growth-future-dynamics-emerging-trends-and-outlook-to-2030-queen-anne-and-mangolia-news/ Fri, 06 May 2022 17:52:27 +0000 https://silveracce365.com/smart-farming-equipment-market-share-regional-growth-future-dynamics-emerging-trends-and-outlook-to-2030-queen-anne-and-mangolia-news/ That Global Smart Agricultural Equipment Market expected to achieve XX million USD by 2030Registration a CAGR of XX% during the forecast period. Due to the high popularity of this product/service in North America and Asia, the growth trend of Smart Agriculture Devices in recent years and the growth of consumer demand are expected to propel […]]]>

That Global Smart Agricultural Equipment Market expected to achieve XX million USD by 2030Registration a CAGR of XX% during the forecast period. Due to the high popularity of this product/service in North America and Asia, the growth trend of Smart Agriculture Devices in recent years and the growth of consumer demand are expected to propel the global Smart Agriculture Devices market.

Regional Research Reports recently released this report by considering the emerging market trends and analyzing the maximum untapped opportunities that a company can capitalize on in the coming years. This market research study elaborates the market size, share, growth, market features, competitor pricing, company share, market trends and opportunities in the Smart Farming Equipment industry and breaks it down by type, application and consumption area of ​​Smart Farming Equipment. The report also performed Porter Five Forces analysis, PESTEL analysis, SWOT analysis, regulatory landscape and prominent industry buyers to study the key drivers and barriers to entry of the industry.

The Smart Farming Equipment Market report provides a detailed analysis of global market size, regional and country level market size, segmentation market growth, share, competitive landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments , opportunity analysis, strategic market growth analysis, product launches, area market expansion and technological innovation.

Get a full PDF sample copy of the report@ https://www.regionalresearchreports.com/request-sample/smart-agriculture-devices-market/AS-1183

This report provides Smart Agriculture Devices market size and forecasts worldwide, including the following market information:

  • Global Smart Farming Equipment Market Revenue, 2018-2021, 2022-2030 (Million US$)
  • Top five global smart farm equipment companies in 2021 (%)

Chapter 3.4 of the report has fully assessed the impact of COVID-19 outbreak on the industry. A full risk assessment and industry recommendations for Smart Agriculture Devices have been provided in a special period. This chapter also compares the pre and post COVID-19 markets. Additionally, Chapters 8-12 specifically includes the impact of COVID-19 on each regional economy mentioned in the research study.

Regional Research Reports surveyed the Smart Farming Devices manufacturers, suppliers, distributors, and industry experts in this industry including sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, barriers, and potential risks.

Total market by segment:

Global Smart Farming Equipment Market, by Type, 2018-2021, 2022-2030 (US$ Million)

Global Smart Farming Equipment Market Segment Percentages by Type, 2021 (%)

  • Intelligent farming sensor
  • Intelligent farming robot
  • Agricultural drone
  • Other

Global Smart Farming Equipment Market, By Application, 2018-2021, 2022-2030 (Million US$)

Global Smart Farming Equipment Market Segment Percentages by Application, 2021 (%)

  • grow agriculture
  • horticulture
  • livestock monitoring
  • Miscellaneous

Global Smart Farming Equipment Market, by Region and Country, 2018-2021, 2022-2030 (Million US$)

Global Smart Farming Equipment Market Segment Percentages by Region and Country, 2021 (%)

  • North America
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Russia
    • Nordic countries
    • Benelux
    • rest of Europe
  • Asia
    • China
    • Japan
    • South Korea
    • South East Asia
    • India
    • rest of Asia
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • Turkey
    • Israel
    • Saudi Arabia
    • UAE
    • Rest of Middle East and Africa

Report Discount Request @ https://www.regionalresearchreports.com/request-for-special-pricing/smart-agriculture-devices-market/AS-1183

competitive analysis

The report also includes an analysis of leading market players including:

  • Estimated Revenue of Major Smart Farm Equipment Companies in Global Market, 2018-2021, (in Million U.S. Dollars)
  • Key Companies Sales Share of Smart Agriculture Devices in Global Market, 2021 (%)
  • Key Companies Smart Agriculture Devices Revenue Share in Global Market, 2021 (%)

In addition, the report includes profiles of competitors in the market. Key players include:

  • AGCO Corporation
  • Texas Instruments
  • Kebai science
  • XAG
  • TOPCON positioning systems
  • YANMAR
  • Allflex
  • Trimble Inc
  • GEA Farm Technologies
  • Lely
  • DeLaval
  • AKVA Group
  • AG crossing
  • Raven Industries
  • AeroFarms
  • Jamaica
  • Shenzhen Hi-Tech New Agriculture Technology
  • John Deere
  • AG technology leader
  • robotics plus
  • Osram LichtAG
  • CropX
  • FarmBot

Why do you need to buy this report?

  • Understand the present and future of the market in both established and emerging markets.
  • Saves time on entry-level research study as the report consists of extensive information focusing on development, size, major players and market sectors.
  • The report will provide an in-depth segmental analysis of every major regions and all key countries around the world.
  • The latest advances in the market and information of the market leaders along with their market share and techniques.
  • Current, historical and forecast size of the market from both values ​​(millions of US dollars)
  • 3 months of analyst support, together with the market estimate sheet (in Excel)

Request for report description @ https://www.regionalresearchreports.com/industry-reports/smart-agriculture-devices-market/AS-1183

Key questions answered in this report:

  • What will be the market forecast and growth rate from 2022 to 2030?
  • What are the key trends and dynamics of the market?
  • What are the key drivers of the industry?
  • What barriers have been developed for the market?
  • Who are the leading companies with their share of market positioning?
  • How many additional dollar investment opportunities can be observed in the market during the forecast period?
  • Analysis of the companies and the market through SWOT, PORTER and PESTEL study

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XAG/USD holds above $23.00 as BoE contributes to supportive dovish central bank vibes https://silveracce365.com/xag-usd-holds-above-23-00-as-boe-contributes-to-supportive-dovish-central-bank-vibes/ Thu, 05 May 2022 13:22:20 +0000 https://silveracce365.com/xag-usd-holds-above-23-00-as-boe-contributes-to-supportive-dovish-central-bank-vibes/ Silver is currently holding above $23.00 and is on course for a second day of gains amid dovish central bank sentiment. The Fed ruled out interest rate hikes of 75 basis points on Wednesday and the BoE sounded the alarm about a possible recession in the UK. The focus now shifts to Friday’s official US […]]]>
  • Silver is currently holding above $23.00 and is on course for a second day of gains amid dovish central bank sentiment.
  • The Fed ruled out interest rate hikes of 75 basis points on Wednesday and the BoE sounded the alarm about a possible recession in the UK.
  • The focus now shifts to Friday’s official US jobs report.

Spot silver (XAG/USD) prices held above the $23.00 a troy ounce level on Thursday after markets took the latest BoE policy announcement as dovish, a day after a less hawkish than feared policy announcement fed At the current level of $23.10, XAG/USD is trading with daily gains of more than 0.5%, taking its two-day rally to over 2.0% and the recovery from earlier week lows at $22.12 to more than 4. brings 5%.

After the Fed hiked rates by 50 basis points as expected on Wednesday and ruled out a rate hike at more aggressive 75 basis point intervals at forthcoming meetings, which analysts said removed some downside risk for precious metals, the BoE warned of a recession in the U.K. economy in 2023, but still raised interest rates by 25 basis points on Thursday. Ahead of Friday’s release of US April jobs report, dovish central bank sentiment is likely to support XAG/USD above $23.00.

The precious metal could even rally to test its 200-day moving average in the $23.75 area. But it is still premature to bet on a more significant recovery back to, say, the April highs of $26.00. While the BoE is unlikely to tighten much more on monetary policy amid growing concerns about UK economic growth later in the year and worries about the bank’s ability to meet its long-term inflation targets, the Fed’s policy risks remain tilted in favor of another radical shift .

Although interest rate hikes of 75 basis points were ruled out on Wednesday, Fed Chair Jerome Powell was keen to reiterate that the Fed prioritizes cutting inflation above all else. If inflation doesn’t ease as much as the Fed expects (or hopes) in the second half of this year, there is a risk that the Fed will signal interest rates to rise well above the so-called “neutral” rate.

This could trigger further long-term upside in USD and US yields, which could weigh heavily on silver. Rallies can therefore continue to be sold and many XAG/USD bears will continue to aim for a test of the 2022 lows around $22.00.

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XAG/USD holds above $22.50 for now but Fed threatens https://silveracce365.com/xag-usd-holds-above-22-50-for-now-but-fed-threatens/ Tue, 03 May 2022 13:06:02 +0000 https://silveracce365.com/xag-usd-holds-above-22-50-for-now-but-fed-threatens/ Despite trading weaker on Tuesday, silver is holding above $22.50 for now as bears eye yearly lows below $22.00. Macro strategists warn that further downside is likely as the Fed begins aggressive monetary tightening. Although prices have been able to fend off a retest of Monday’s lows in the $22.12 area and yearly lows just […]]]>
  • Despite trading weaker on Tuesday, silver is holding above $22.50 for now as bears eye yearly lows below $22.00.
  • Macro strategists warn that further downside is likely as the Fed begins aggressive monetary tightening.

Although prices have been able to fend off a retest of Monday’s lows in the $22.12 area and yearly lows just below the $22.00 a troy ounce level for the time being and are still trading north of the $22.50 level, trading Spot Silver (XAG/USD) continues to trade with a bearish bias on Tuesday as traders brace for monetary tightening by the Fed later this week and a flurry of Tier 1 data releases from the US Set US.

From the current level of $22.50, XAG/USD is trading down around 0.4% on Tuesday, with its week-to-date losses escalating around 1.0% and losses since mid-April highs above $26.00 about 14% decrease. Silver’s recent weakness is not surprising given the macro backdrop that has pushed the US dollar and US yields to multi-year highs.

Although slightly lower on Tuesday, the DXY is still trading at 103.00, not far from the multi-year highs printed at 104.00 last week, and rose from around 100 as late as mid-April. Meanwhile, US 10-year Treasury yields continue to flirt with multi-year highs around 3.0% after falling below 2.50% in early April.

A stronger US dollar makes USD denominated commodities like XAG/USD more expensive for international buyers, while higher yields increase the opportunity cost of holding non-yield, hence the negative correlation of both with silver. Macro strategists are warning that the dollar’s recent strength and the rebound in US yields could continue this week as the Fed is expected to hike rates by 50 basis points on Wednesday, taking rates to around 2.5% by year-end and will announce quantitative tightening plans.

Some have said that with so much Fed hawkishness already priced into markets, the risks tend to be that Fed Chair Jerome Powell doesn’t live up to the hype and a dovish market response thereafter. While that could be the case, any rebound in XAG/USD is likely to be short-lived, with a recovery above the 200-day moving average near $23.80 looking unlikely. As long as the Fed appears intent on pursuing swift policy tightening, risks appear to be biased towards the 4Q21 precious metals test lows in the mid-$21.00s.

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XAG/USD revisits 3-month low below $23.00, RSI continues to probe lower https://silveracce365.com/xag-usd-revisits-3-month-low-below-23-00-rsi-continues-to-probe-lower/ Mon, 02 May 2022 01:50:11 +0000 https://silveracce365.com/xag-usd-revisits-3-month-low-below-23-00-rsi-continues-to-probe-lower/ Silver prices remain under pressure for eight consecutive days. Weekly support line and 138.2% Fibonacci retracement combine with oversold RSI conditions to test bears. Recovery moves remain elusive until the price stays below $24.15. Silver (XAG/USD) falls to its lowest level since late February as it tracks the eight-day downtrend during Monday’s Asian session. However, […]]]>
  • Silver prices remain under pressure for eight consecutive days.
  • Weekly support line and 138.2% Fibonacci retracement combine with oversold RSI conditions to test bears.
  • Recovery moves remain elusive until the price stays below $24.15.

Silver (XAG/USD) falls to its lowest level since late February as it tracks the eight-day downtrend during Monday’s Asian session. However, the bright metal is posting 0.55% intraday losses as bears challenge the $22.65-$60 support zone at the latest.

A clear downside break of an ascending trendline from February 24th triggered the light metals’ southbound run in late April. The downside momentum also received support from continued trading below the 200-SMA. However, oversold RSI conditions have sparked intermittent rallies in XAG/USD.

The recent weakness in gold bullion is also vulnerable to a corrective pullback as the RSI (14) drops to 30.00. Another challenge for the bears is the upward convergence of the 138.2% Fibonacci retracement from 24 Feb – Mar 08 and a week old descending trendline near $22.65-60.

Despite this, recovery moves remain elusive until it breaks the previous support line from late February, which was around $24.15 at press time.

On an immediate basis, a downward sloping resistance line from April 18th no later than $23.40 can test the short-term recovery.

Alternatively, a downside break of $22.60 will leave silver prices vulnerable to testing the 161.8% Fibonacci retracement level around $21.95.

Silver: four hour chart

Trend: corrective pullback expected

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XAG/USD was boosted by dollar weakness but failed to sustain session highs above $23.50 https://silveracce365.com/xag-usd-was-boosted-by-dollar-weakness-but-failed-to-sustain-session-highs-above-23-50/ Fri, 29 Apr 2022 12:19:34 +0000 https://silveracce365.com/xag-usd-was-boosted-by-dollar-weakness-but-failed-to-sustain-session-highs-above-23-50/ Silver prices were higher on Friday, fueled by month-end profit-taking in the US dollar. But XAG/USD has pulled back sharply from daily highs of $23.50 and remains vulnerable. Markets are focused on the upcoming US PCE inflation data and next week’s Fed meeting. Profit-taking in the US dollar ahead of the month, which has seen […]]]>
  • Silver prices were higher on Friday, fueled by month-end profit-taking in the US dollar.
  • But XAG/USD has pulled back sharply from daily highs of $23.50 and remains vulnerable.
  • Markets are focused on the upcoming US PCE inflation data and next week’s Fed meeting.

Profit-taking in the US dollar ahead of the month, which has seen significant strength in recent weeks that has weighed heavily on precious metals, lends a modest boost to spot silver (XAG/USD) on Friday. XAG/USD was last trading around 0.5% higher in the $23.25 a troy ounce range, more than 1.5% higher from Thursday’s lows below $23.00, despite the precious metal staging a sharp pullback of more than Up 1.4% from previous highs of the session $23.50.

Silver traders are gearing up for the release of March US core PCE inflation data at 1330 BST which is likely to only confirm the magnitude of the inflation problem currently plaguing the US economy before the focus shifts to the next Fed meeting week. Bank policymakers now appear to agree unanimously that it is appropriate to bring interest rates to around 2.5% by the end of the year (meaning that a series of 50 basis point rate hikes starting next week likely) and increasingly reliant on the need for interest payments If interest rates fall into a thoroughly restrictive zone (ie above 2.5%) to fight inflation, risks to the US dollar are likely to remain on the upside for the foreseeable future.

In that regard, it’s probably not surprising that the XAG/USD bears jumped at the opportunity to sell the precious metal as it surged back into the $23.50 range, and possibly after a retest of Thursday’s weekly lows below $23.00 look out. Even if the US dollar’s positioning-driven pullback continues next week and XAG/USD pulls back in the mid-$23.00s, a bounce above the 200-day moving average near $23.80 will be difficult.

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