XAG USD – Silveracce 365 http://silveracce365.com/ Tue, 19 Oct 2021 08:00:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://silveracce365.com/wp-content/uploads/2021/06/icon-5.png XAG USD – Silveracce 365 http://silveracce365.com/ 32 32 XAG / USD breaks a multi-month descending trend line barrier https://silveracce365.com/xag-usd-breaks-a-multi-month-descending-trend-line-barrier/ https://silveracce365.com/xag-usd-breaks-a-multi-month-descending-trend-line-barrier/#respond Tue, 19 Oct 2021 07:37:20 +0000 https://silveracce365.com/xag-usd-breaks-a-multi-month-descending-trend-line-barrier/ Silver rebounded to over 1 month highs during Tuesday’s early European session. The momentum appears strong enough to push XAG / USD past the USD 24.00 mark. Silver received aggressive bids on Tuesday, shooting one-month highs around the $ 23.70 region during the early European session. From a technical perspective, the XAG / USD showed […]]]>
  • Silver rebounded to over 1 month highs during Tuesday’s early European session.
  • The momentum appears strong enough to push XAG / USD past the USD 24.00 mark.

Silver received aggressive bids on Tuesday, shooting one-month highs around the $ 23.70 region during the early European session.

From a technical perspective, the XAG / USD showed some resilience below the 200-period SMA on the 4-hour chart and managed to defend the USD 23.00 level for the second year in a row on Monday. The positive move that followed confirmed the recent bullish breakout through an inverted head and shoulders neckline. This in turn supports the prospect of a further short-term appreciation movement.

Silver 4 hour chart

The constructive setup is reinforced by the fact that the technical indicators on the daily chart have only just begun to move into bullish territory and are nowhere near overbought. Bulls may now seek to build on the momentum beyond a downward trendline resistance stretching from the monthly swing highs in July around the $ 26.75-80 region.

Silver daily chart

fxsoriginal

Nonetheless, XAG / USD appears poised to resume its recent recovery move from the YTD lows and recapture the round number of USD 24.00. This is followed by resistance near the $ 24.15-20 region, above which momentum could expand further towards the next relevant hurdle around the $ 24.75-80 region. The white metal could eventually hit the key psychological mark of $ 25.00.

On the flip side, the $ 23.50 region now appears to be protecting the immediate downward move. Any subsequent pullback could still be seen as a buying opportunity near the $ 23.00 mark, which should provide a strong base for the XAG / USD in the short term and a major fulcrum for traders. A convincing break down could lead to technical selling and accelerate the corrective decline towards $ 22.75-70.

Technical levels to watch


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PRECIOUS gold ticks higher as US bond yields decline, dollars https://silveracce365.com/precious-gold-ticks-higher-as-us-bond-yields-decline-dollars/ https://silveracce365.com/precious-gold-ticks-higher-as-us-bond-yields-decline-dollars/#respond Mon, 18 Oct 2021 02:23:36 +0000 https://silveracce365.com/precious-gold-ticks-higher-as-us-bond-yields-decline-dollars/ October 18 (Reuters) – Gold prices rose slightly on Monday, making up for some losses after a steep sell-off in the previous session as US bond yields and the dollar fell, restoring some of the metal’s appeal. BASICS * Spot gold XAU = rose 0.2% to $ 1,770.26 an ounce by 202 GMT after falling […]]]>

October 18 (Reuters)Gold prices rose slightly on Monday, making up for some losses after a steep sell-off in the previous session as US bond yields and the dollar fell, restoring some of the metal’s appeal.

BASICS

* Spot gold XAU = rose 0.2% to $ 1,770.26 an ounce by 202 GMT after falling 1.6% on Friday.

* US gold futures GCv1 rose 0.1% to $ 1,770.50.

* Benchmark 10 year US Treasury bond yields US10YT = RR after rising to a high of 1.5904% on Monday, reducing the opportunity cost of non-profitable gold. US/

* Treasury bond yields rose sharply on Friday after data showed US retail sales rose unexpectedly in September, bolstering expectations for earlier than expected Federal Reserve rate hikes.

* Also supports gold bars, the dollar index = USD slipped 0.6% from last week’s highs in 2021 as investors believe that while inflation may favor the Fed’s rate hikes, other central banks may need to be more aggressive during the tightening cycle.USD /

* Bank of England Governor Andrew Bailey sent a new signal on Sunday that the UK central bank is preparing to hike rates as inflation risks rise.

* Gold is often viewed as a hedge against inflation, although reduced incentives and rate hikes will drive government bond yields higher and increase the opportunity cost of holding unprofitable precious metals.

* As an indication of sentiment, SPDR Gold Trust GLD, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3% on Friday from 982.72 tons on Thursday to 980.1 tons.

* China’s economy grew more slowly than expected in the third quarter, official data showed on Monday.

* Spot silver XAG = rose 0.2% to $ 23.34 an ounce while platinum XPT = fell 0.4% to $ 1,050.80 and palladium XPD = fell 0.7% to $ 2,059.18.

DATES / EVENTS (GMT)

1315 U.S. industrial production Sept.

(Reporting by Nakul Iyer in Bengaluru; editing by Rashmi Aich)

((nakul.iyer@thomsonreuters.com; within the US +1 646 223 8780, outside the US +91 80 6749 0417; Reuters Messaging: nakul.iyer.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.


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US stocks closed on the right foot this week, their best since July https://silveracce365.com/us-stocks-closed-on-the-right-foot-this-week-their-best-since-july/ https://silveracce365.com/us-stocks-closed-on-the-right-foot-this-week-their-best-since-july/#respond Fri, 15 Oct 2021 22:31:03 +0000 https://silveracce365.com/us-stocks-closed-on-the-right-foot-this-week-their-best-since-july/ The Dow Jones Industrial, the S&P 500 and the Nasdaq Composite recorded gains of between 0.7% and 1.6% on Friday. US retail sales surprised positively, while the University of Michigan’s Consumer Sentiment Index fell. USD / JPY hit five-year highs above 114.00. Bitcoin broke the $ 60,000 mark and is trading on all-time highs. US […]]]>
  • The Dow Jones Industrial, the S&P 500 and the Nasdaq Composite recorded gains of between 0.7% and 1.6% on Friday.
  • US retail sales surprised positively, while the University of Michigan’s Consumer Sentiment Index fell.
  • USD / JPY hit five-year highs above 114.00.
  • Bitcoin broke the $ 60,000 mark and is trading on all-time highs.

US stocks ended the week better, the best since July on the back of solid corporate earnings and a better-than-expected retail sales report. US T-bond yields rose while the greenback fell.

The Dow Jones Industrial Average rose 1.1% to 35,294.76, up 1.6% from the week. The S&P 500 gained 0.7% to 4,471.37 and rose 1.8% over the course of the week, while the heavy-tech Nasdaq Composite climbed 0.5% to 14,897.34 and gained 2.2% over the course of the week .

Mixed macro data from the US failed to suppress the rise in stocks

US retail sales rose by a surprise in September, suggesting robust demand for goods. The headline showed an increase of 0.7% more than the 0.2% decline forecast by analysts. Excluding cars, it expanded 0.8% higher than the estimated 0.5%.

As coronavirus infections increased in August and September, demand for services fell as people shifted their spending to goods. Rising goods spend would likely put additional pressure on supply chains that could not keep pace with rising demand.

In addition, the University of Michigan Consumer Sentiment Index fell to its lowest level since 2011. The preliminary reading fell to 71.4 from 72.8 in September, data showed. The estimates were 73.1. In addition, according to the report, consumers expect an inflation rate of 4.8% for the next year.

The US dollar index, which tracks the performance of the greenback against a basket of six rivals, lost 0.02% to last at 93.957, while 10-year US Treasury bond yields closed five basis points (bps) at 1.574 % closed and closed for the first of five weeks.

In the forex market, EUR / USD rose 0.04% to close at 1.1601 while GBP / USD closed at 1.3743 on Friday, a 5-week high, up 0.52%. USD / JPY followed the 10-year US T-bond benchmark note coupon, which ended at 114.20 at a 5-year high, 0.46% during the day. AUD / USD held at its five-week high around 0.7414.

On the commodities market, gold (XAU / USD) lost 1.59% and closed at $ 1,767.20 troy ounce, while silver (XAG / USD) followed its trail and fell 0.98% to $ 23.28. The US crude oil benchmark Western Texas Intermediate (WTI) rose 1.22% to $ 81.93 a barrel.

In the crypto environment, Bitcoin is trading at new all-time highs of over $ 62,000 at the time of writing, with a 90% chance that the SEC will approve a Bitcoin ETF while Ethereum trades at around $ 3,878.


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PRECIOUS gold is down as the rebound in US bond yields weakens its appeal https://silveracce365.com/precious-gold-is-down-as-the-rebound-in-us-bond-yields-weakens-its-appeal/ https://silveracce365.com/precious-gold-is-down-as-the-rebound-in-us-bond-yields-weakens-its-appeal/#respond Fri, 15 Oct 2021 09:36:46 +0000 https://silveracce365.com/precious-gold-is-down-as-the-rebound-in-us-bond-yields-weakens-its-appeal/ B.and Nakul Iyer October 15 (Reuters) – Gold fell on Friday as US bond yields rebounded, although a depressed dollar helped the precious metal hit its best week since late August. Spot gold XAU = fell 0.7% to $ 1,783.18 an ounce by 0920 GMT. US gold futures GCv1 slipped 0.7% to $ 1,785.80. The […]]]>

B.and Nakul Iyer

October 15 (Reuters)Gold fell on Friday as US bond yields rebounded, although a depressed dollar helped the precious metal hit its best week since late August.

Spot gold XAU = fell 0.7% to $ 1,783.18 an ounce by 0920 GMT. US gold futures GCv1 slipped 0.7% to $ 1,785.80.

The pull of gold from the increase in opportunity cost weakened the yield on 10-year US Treasuries, which rebounded from more than a week-long low on Thursday.

“Expectations are growing that the Fed and other central banks will tighten monetary policies, which should support yields, and when yields rise gold tends to struggle,” said Fawad Razaqzada, analyst at ThinkMarkets.

“However, investors are likely to expect only moderate tightening from major central banks, and that shouldn’t get gold in too much trouble as investors hedge against increased price levels.”

While most Fed politicians agree that the central bank could cut their monthly bond purchases as early as next month, they are deeply divided on inflation and what to do about it.

Gold is often viewed as a hedge against inflation, although reduced incentives and rate hikes will drive government bond yields higher and increase the opportunity cost of holding unprofitable precious metals.

Investors are now waiting for US retail sales data due at 1230 GMT.

“While gold was at the 100- and 200-day moving averages of around $ 1,797, analysts respectively wrote in a note.

Gold remains on track with a weekly increase of 1.4% as the dollar index = USD weakened slightly, lowering gold prices for buyers holding other currencies. USD /

Spot silver XAG = fell 1% to $ 23.30 an ounce but was heading for its biggest weekly gain in seven years.

platinum XPT = => fell 0.5% to $ 1,050.12 while palladium XPD = rose 1.2% to $ 2,154.39.

(Reporting by Nakul Iyer in Bengaluru; Editing by Jason Neely)

((nakul.iyer@thomsonreuters.com; within the US +1 646 223 8780, outside the US +91 80 6749 0417; Reuters Messaging: nakul.iyer.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.


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XAG / USD challenges 200-period SMA / 50% Fibo. Confluence hurdle https://silveracce365.com/xag-usd-challenges-200-period-sma-50-fibo-confluence-hurdle/ https://silveracce365.com/xag-usd-challenges-200-period-sma-50-fibo-confluence-hurdle/#respond Thu, 14 Oct 2021 07:27:19 +0000 https://silveracce365.com/xag-usd-challenges-200-period-sma-50-fibo-confluence-hurdle/ Silver pulled in some dip buying on Thursday and turned positive for the second day in a row. The lineup appears to be tilted in favor of bullish traders and supports the prospect of additional gains. A sustained break below the USD 22.25-20 support is required to negate the constructive outlook. Silver reversed an intraday […]]]>
  • Silver pulled in some dip buying on Thursday and turned positive for the second day in a row.
  • The lineup appears to be tilted in favor of bullish traders and supports the prospect of additional gains.
  • A sustained break below the USD 22.25-20 support is required to negate the constructive outlook.

Silver reversed an intraday dip in the $ 22.90 area and moved closer to the one-month highs hit the previous day. The white metal last traded near the $ 23.20 region, up about 0.40% for the day.

The above are a confluence barrier made up of the 200-period SMA on the 4-hour chart and the 50% Fibonacci level of the decline from $ 24.87 to $ 21.42. Any sustained move beyond that is seen as a new trigger for bullish traders and sets the stage for another short-term appreciation move.

Meanwhile, the technical indicators on the hourly chart kept their bullish bias and have just started to gain positive traction on the daily chart. The line-up appears to be firmly aligned in favor of bullish traders and supports the prospect of a possible breakthrough through the aforementioned limit of confluence.

The XAG / USD could then accelerate the momentum towards the 61.8% Fibo. Levels in the $ 23.55-60 range before trying to recapture the $ 24.00 mark. Some follow-up purchases beyond the $ 24.25-30 region would expose resistance from the September monthly swing highs near the $ 24.75-80 zone.

On the flip side, any significant drop below the $ 23.00 round value could be viewed as a buying opportunity and remain limited near the 38.2% Fibo. Level, roughly in the range of USD 22.75. However, continued weakness below it could accelerate the slide back towards the static support at $ 22.25-20.

The latter is consistent with the 23.6% Fibo. Level which, if clearly broken, will shift the bias back in favor of bearish traders. The XAG / USD could then become vulnerable to break below the $ 22.00 mark and slide further towards challenging YTD lows around the $ 21.45-40 region.

Silver 4 hour chart

Technical levels to watch


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PRECIOUS gold stable while the dollar weakened, US inflation data in focus https://silveracce365.com/precious-gold-stable-while-the-dollar-weakened-us-inflation-data-in-focus/ https://silveracce365.com/precious-gold-stable-while-the-dollar-weakened-us-inflation-data-in-focus/#respond Wed, 13 Oct 2021 03:22:38 +0000 https://silveracce365.com/precious-gold-stable-while-the-dollar-weakened-us-inflation-data-in-focus/ B.and Eileen Soreng October 13 (Reuters) – Gold remained stable on Wednesday, helped by a slight decline in the dollar as investors waited for US inflation data to gauge the Federal Reserve’s path to normalize policy. Spot gold XAU = Little changed to 0305 GMT at $ 1,760.26 an ounce while US gold futures GCv1 […]]]>

B.and Eileen Soreng

October 13 (Reuters)Gold remained stable on Wednesday, helped by a slight decline in the dollar as investors waited for US inflation data to gauge the Federal Reserve’s path to normalize policy.

Spot gold XAU = Little changed to 0305 GMT at $ 1,760.26 an ounce while US gold futures GCv1 rose 0.1% to $ 1,760.60.

The dollar index, which measures the greenback against six rivals, lost 0.2% and weakened from a more than a year high on Tuesday. USD /

“We will receive the US CPI data as well as the critical minutes of the FOMC meeting in September, so I think gold can receive a landmark catalyst there after this period of consolidation,” said DailyFX currency strategist Ilya Spivak.

“If the CPI warms up then we are likely to look to expectations that the Fed will have to move faster on the rate hike.”

US consumer price inflation data is due at 1230 GMT, while the minutes of the Fed’s monetary policy meeting September 21-22 will be released at 1800 GMT.

Three Fed policymakers said Tuesday the economy has recovered enough that the central bank can begin pulling its support out of the time of crisis, solidifying expectations that the Fed will begin throttling as early as next month.

As inflationary pressures mount around the world, money markets are accelerating the pricing of aggressive rate hikes and, in most cases, relying on policy to be tightened much sooner and at a much faster pace than rate-setters are signaling.

Less central bank incentives and interest rate hikes tend to drive government bond yields higher, which translates into higher opportunity costs for holding interest-free gold.

Among other things, precious metals, spot silver XAG = rose 0.2% to $ 22.57 an ounce while platinum XPT = and palladium XPD = declined 0.2% to $ 1,005.00 and $ 2,041.24, respectively.

(Reporting by Eileen Soreng in Bengaluru; editing by Krishna Chandra Eluri)

((eileen.soreng@thomsonreuters.com; within the US +1 646 223 8780, outside the US +91 80 6749 6131; Reuters Messaging: eileen.soreng.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.


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XAG / USD remains trapped below $ 23 https://silveracce365.com/xag-usd-remains-trapped-below-23/ https://silveracce365.com/xag-usd-remains-trapped-below-23/#respond Mon, 11 Oct 2021 17:14:39 +0000 https://silveracce365.com/xag-usd-remains-trapped-below-23/ Silver’s upside attempts hit a cap of $ 22.80. The strength of the US dollar is weighing on precious metals. XAG / USD: sideways movement between $ 22.20 and $ 23.15. Silver opened the week on a slightly positive note, despite failing to break above $ 22.80 amid broad-based US dollar strength. The precious metal […]]]>
  • Silver’s upside attempts hit a cap of $ 22.80.
  • The strength of the US dollar is weighing on precious metals.
  • XAG / USD: sideways movement between $ 22.20 and $ 23.15.

Silver opened the week on a slightly positive note, despite failing to break above $ 22.80 amid broad-based US dollar strength. The precious metal fell into the $ 22.65 area during the US trading session to remain virtually unchanged on the daily charts.

The strength of the US dollar weighs on precious metals

Silver and precious metals generally remain on the defensive against a firmer US dollar as the market prepares for the official announcement that the Federal Reserve will curb bond purchases. The US dollar index rose about 0.15% on Monday to reverse the losses of the past two days and approach annual highs of 94.50 so far

The US dollar appreciated across the board on Monday. Investors have assumed that last Friday’s disheartening US payroll report is unlikely to deter the Fed from announcing its plan to withdraw monetary stimulus at its next monetary policy meeting in November.

XAG / USD: Consolidation between $ 22.20 and $ 23.15

From a technical perspective, the pair has consolidated within a tight range for the past week. On the flip side, XAG / USD should break the September 22nd and October 8th high at $ 23.15 to bolster bull confidence and the high of September 14th and 16th at $ 24.00 before the Try high from September 3rd at $ 24.87.

On the flip side, the immediate support is at $ 22.15 (October 6th low) and below that at $ 21.37 (September 29th low) and 20.75 (50% Fibonacci retracement of the March-August 2020 rally ).

Technical levels to watch


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XAG / USD remains at around $ 22.70 after a dismal Nonfarm Payrolls report https://silveracce365.com/xag-usd-remains-at-around-22-70-after-a-dismal-nonfarm-payrolls-report/ https://silveracce365.com/xag-usd-remains-at-around-22-70-after-a-dismal-nonfarm-payrolls-report/#respond Fri, 08 Oct 2021 21:52:06 +0000 https://silveracce365.com/xag-usd-remains-at-around-22-70-after-a-dismal-nonfarm-payrolls-report/ XAG / USD is stable as the 10-year US T-bond yield is stuck at 1.61%. The US dollar index appears to close above 94.00 for the second straight week. Silver (XAG / USD) is up during the New York session, rising 0.69% and trading at $ 22.76 at the time of writing. Price movement throughout […]]]>
  • XAG / USD is stable as the 10-year US T-bond yield is stuck at 1.61%.
  • The US dollar index appears to close above 94.00 for the second straight week.

Silver (XAG / USD) is up during the New York session, rising 0.69% and trading at $ 22.76 at the time of writing. Price movement throughout the US trading session was sharp after the US Bureau of Labor Statistics (BLS) released the US Nonfarm Payrolls Report, which found an increase of just 194,000 jobs, less than analysts’ forecast of 500,000.

The employment figure shows that there is still a lull in the labor market, but it is positive that the unemployment rate has fallen from 5.1% to 4.8%. Furthermore, the investor reaction appears to be in line with what US Federal Reserve Chairman Jerome Powell said at the September meeting. He said he needed a reasonably good job report to begin the bond tapering process.

The risk appetite reflected the market reaction. The US stock indices fell instead of rising, the 10-year US T-bond rose 1.61%, and the US dollar stayed at 94.11 and lost 0.11% against a basket of six competitors.

XAG / USD Price Prediction: Technical Outlook

1 hour chart

XAG / USD is trading above the simple moving averages, suggesting that silver is on an upward trend.
Price movement as the September nonfarm payroll hit the wires bounced aggressively towards the new daily high of $ 23.19, but when the report was analyzed the knee-jerk reaction faded and fell to known levels around the 50-SMA $ 22.63 back

For silver buyers to continue the uptrend, they need to climb above $ 23.00. in this case the first supply zone would be the October 8th high at $ 23.19. A break in the latter would reveal the September 14 swing lows at $ 23.50, followed by the psychological $ 24.00.

On the flip side, in order for XAG / USD sellers to regain control, they must reclaim the 200 SMA at $ 22.36. Once that is achieved, it is expected to decline towards 2021 lows of around $ 21.40. That said, there would be some key demand zones in the way, like the psychological round number $ 22.00 followed by $ 21.79.

The Relative Strength Index (RSI) stands at 50 and is targeting slightly high, suggesting a short-term upward trend that could open the door for another uptrend.


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PRECIOUS gold range tied as investors prepare for verdict on US jobs https://silveracce365.com/precious-gold-range-tied-as-investors-prepare-for-verdict-on-us-jobs/ https://silveracce365.com/precious-gold-range-tied-as-investors-prepare-for-verdict-on-us-jobs/#respond Fri, 08 Oct 2021 09:18:26 +0000 https://silveracce365.com/precious-gold-range-tied-as-investors-prepare-for-verdict-on-us-jobs/ B.and Arundhati Sarkar October 8 (Reuters) – Gold barely changed on Friday as investors stayed on the sidelines waiting for confirmation of a strengthening US labor market that could keep the Federal Reserve on track to begin pulling back economic stimulus this year. Spot gold XAU = rose 0.1% to $ 1,757.10 an ounce through […]]]>

B.and Arundhati Sarkar

October 8 (Reuters)Gold barely changed on Friday as investors stayed on the sidelines waiting for confirmation of a strengthening US labor market that could keep the Federal Reserve on track to begin pulling back economic stimulus this year.

Spot gold XAU = rose 0.1% to $ 1,757.10 an ounce through 0905 GMT while US gold futures GCv1 fell 0.2% to $ 1,756.00.

Gold is already factoring in tapering and there is little propensity to take aggressive positions, especially given the non-farm payroll report on the horizon at 1230 GMT, StoneX analyst Rhona O’Connell said.

Fed chief Jerome Powell said it would take another report on “decent” jobs to kickstart the process to cut the US Federal Reserve’s monthly bond purchases by $ 120 billion.

If the data shoots up, gold could face a knee-jerk downward reaction as bond yields were likely to rise, but “failure would be supportive for gold as the word ‘stagflation’ ‘is increasingly on the radar and gold takes risk. Dislike. “

A Reuters poll forecast non-farm payrolls USPRP = ECI should have increased by 500,000 jobs in September.

However, some analysts see the outlook for gold on the downside as the Fed could raise interest rates anyway.

A firmer US dollar also seemed to have received little attention from investors .DXYmaking gold bars expensive to overseas buyers, as well as higher US Treasury bond yields. USD /US/US10YT = RR

Reduced incentives and higher interest rates increase bond yields, which translates into increased opportunity costs for holding gold bars that do not pay interest.

While gold as a safe haven will find some support from increased inflation, geopolitical tensions and rising cases of delta coronavirus, factors such as the Fed tightening, easing pandemic restrictions and strong growth will limit prices, Fitch Solutions said in one Communication dated October 7th.

Spot silver XAG = fell 0.4% to $ 22.49 an ounce.

platinum XPT = rose 1.1% to $ 990.41 an ounce and rose 2% over the course of the week.

palladium XPD = rose 1.9% to $ 1,997.47.

(Reporting by Arundhati Sarkar in Bengaluru; editing by Kevin Liffey)

((Arundhati.Sarkar@thomsonreuters.com; twitter.com/Arundhati_05; +1 646 223 8780 ext .: 2776))

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.



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The price of silver could drop to $ 19 in a rush if this happens https://silveracce365.com/the-price-of-silver-could-drop-to-19-in-a-rush-if-this-happens/ https://silveracce365.com/the-price-of-silver-could-drop-to-19-in-a-rush-if-this-happens/#respond Wed, 06 Oct 2021 06:26:24 +0000 https://silveracce365.com/the-price-of-silver-could-drop-to-19-in-a-rush-if-this-happens/ If silver ends below $ 22.32 for the week, it could signal the end of the bull market in 2021 and a return to the teenage area. Spot Silver (XAGUSD) rebounded from a 14-month low of $ 22.50 to close in the green last week and well above the 100-week moving average for the third […]]]>

If silver ends below $ 22.32 for the week, it could signal the end of the bull market in 2021 and a return to the teenage area. Spot Silver (XAGUSD) rebounded from a 14-month low of $ 22.50 to close in the green last week and well above the 100-week moving average for the third straight week. However, the price is facing strong headwinds that could force a weekly close below the 100 WMA for the first time since May 2020. When this happens, the next level of technical support will be at $ 19.10.

Precious metals were under the hood for most of 2021. Despite rampant inflation, traditional inflation hedges have developed miserably. Silver hit $ 30.08 in February, briefly beating the 2020 high of 29.87. Since then, XAGUSD has been trending downward, causing the price to drop to its lowest level since July 2020 last week.

Headwind in the price of silver

In the past few weeks, the Fed’s rather restrictive tone has significantly dampened the sentiment of precious metals. Last week, Fed Chairman Jerome Powell shocked risk assets when he appeared to change his mind about inflation from temporary to structural. As a result, bond yields are screaming up, taking the greenback with them, and putting downward pressure on gold and silver. Precious metals are unprofitable assets and have an inverse correlation to bond yields. Additionally, the US dollar typically follows higher bond yields, which increases the cost of dollar-denominated commodities like silver.

XAGUSD price forecast

The weekly price chart shows that the current silver price of $ 22.32 is just above the closing price of $ 22.34 in October 2020. I think this is important for two reasons. First, the 100-week moving average is $ 22.33, almost the same as the lowest closing price in October 2020. Therefore, if silver ends the week below $ 22.33, it will be the lowest closing price since July 2020 and below the 100 WMA.

In this case, the outlook becomes very negative. Then the price of silver could succumb to sales as long-term owners throw in the towel. Tech-wise, a close below $ 22.32 on the weekly chart targets the 200 WMA at $ 19.10, in line with 2019 multi-year highs. Just a finish above the 200 WMA avoids the risk of an impending breakdown. Hence, the end of the silver price this week could have far-reaching consequences.

Silver Price Chart (Weekly)


Silver price

Forget insights, Randlett on Twitter.



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