• Silver prices remain slightly bid off the weekly high, showing a 3-day uptrend.
• A clear break of 200-DMA and a positive RSI (14) will favor buyers closer to the monthly high.
• Highs marked in October and August complement the down filters.

Silver (XAG/USD) price picks up bids to refresh weekly top around $21.60 during Thursday’s Asian session.

This pushes the bright metal up for the third straight day while justifying the previous day’s upbreak of the 200-DMA. Also, the firmer RSI line (14), which is not overbought, is keeping the XAG/USD bulls hopeful.

This brings the price closer to the monthly high around the 50% Fibonacci retracement of the March-September downside near $22.25.

However, the June top around $22.50 could challenge silver buyers thereafter, if not then a surge towards the 61.8% Fibonacci retracement level near $23.40, also known as the golden ratio, could lure the bulls .

On the downside, a daily close below the 200-DMA, near $21.40 at press time, seems necessary to confirm any short-term downside.

Despite this, the highs marked in October and August near $21.25 and $20.85 respectively, quickly followed by the 21-DMA support near $20.75 could limit XAG/USD’s near-term downside.

It is worth noting that the May low near $20.45 is acting as silver buyers’ last line of defense.

Silver: daily chart

Trend: Further uptrend expected

By Kavya Guduru

Nov 21 (Reuters) – Gold prices fell for a fourth consecutive month on Monday on a stronger dollar, with the Federal Reserve’s monetary policy stance clouding the prospects for non-yielding bullion.

find gold XAU= fell 0.6% to $1,739.31 an ounce as of 09:31 GMT after previously hitting its lowest level since November 10 at $1,738.35.

US Gold Futures GCv1 lost 0.7% to $1,742.00.

A key driver of gold prices are U.S. real interest rates, and the metal is taking hints of higher nominal rates as well as a stronger dollar, said UBS analyst Giovanni Staunovo.

Gold bars fell 1.2% last week, the worst reading since ending Oct. 14.

The dollar .DXY rose 0.8%, making bullion more expensive for foreign buyers. USD/

“With likely continued outflows from gold ETFs, fueled by more US rate hikes, we expect gold to fall to $1,600/oz by the end of the year,” Staunovo said. GOL/ETF

Investors will be watching the minutes of Wednesday’s November Federal Reserve meeting closely, with market participants pricing in a half-point rate hike in December last comments by Fed officials. FEDWACH

Gold could test the $1,735 and $1,729 support levels ahead of the minute, said Matt Simpson, an analyst at City Index.

Higher interest rates reduce the attractiveness of gold, which has traditionally been a hedge against inflation, by increasing the opportunity cost of holding non-interest-bearing bullion.

Investors are also keeping an eye on the economic fallout from the new COVID-19 restrictions on key precious metals consumers China.

Chinese physical gold rewards fell sharply last week as buying slowed.

spot silver XAG= fell 1.3% to $20.63 an ounce of platinum XPT= down 1.3% to $964.00 and palladium XPD= fell 2.5% to $1,888.12.

(Reporting by Kavya Guduru and Arpan Varghese in Bengaluru Editing by Mark Potter)

(([email protected];))

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

• Silver falls to a weekly low on Thursday but finds support ahead of $21.00.
• The mixed technical setup warrants some caution before placing aggressive directional bets.
• A convincing break below $21.00 is needed to support the prospects for more losses.

Silver extends this week’s retracement slide from above a five-month high and remains under some selling pressure for the third straight day on Thursday. However, the white metal is finding some support pre-$21.00 and clawing back some of its intraday losses to a one-week low. XAGUSD is steadily jumping into the $21.35-$21.40 region during the early European session, although it is lacking a breakout and still appears vulnerable.

Repeated failure to find acceptance above the round figure of $22.00 and a subsequent drop below the 200 hourly simple moving average suggest that the recent rally may have run out of steam. A sustained break below $21.00 will confirm the negative bias and open the way for a slide towards the next relevant support near the $20.40-$20.35 region. The corrective decline could be extended and drag spot prices to the psychological $20.00 level.

However, the oscillators on the daily chart, despite having pulled back, are still comfortably staying in the bullish territory. This could discourage traders from placing aggressive bearish bets around XAGUSD and help limit deeper losses, at least for now.

Meanwhile, strength on the upside beyond the $21.40-$21.50 immediate hurdle could attract some sellers near the $21.70 horizontal barrier and remain limited around the $22.00 round mark. This is followed shortly by the multi-month high around the $22.25 region which, if cleared, will set the stage for additional gains. XAGUSD could then accelerate momentum towards the $22.50-$22.60 supply zone and eventually reclaim the $23.00 level.

Silver 1 hour chart

Important levels to see

• Silver’s rally fails at $22.05 and falls back to $21.50.
• The precious metal has hit a key resistance near $22.00.
• With the RSI at overbought levels, some consolidation is likely.

Silver The uptrend in prices from early November lows in the $19.00 range was halted at a five-month high of $22.05 on Friday before falling back into the mid-$21.00 range. However, on the weekly chart, the pair is on track to rally nearly 5%.

The precious metal has hit a key resistance near $22.00 where the 50% Fibonacci The retracement level of the April-September downtrend and the June 16, 17, and 21 highs are holding the bulls back.

Additionally, the pair has reached overbought levels on the hourly and daily charts, suggesting that some consolidation or even a moderate pullback is still consistent with the possibility of further appreciation.

On the upside, above the mentioned $22.00, the pair could target the June 3rd and June 6th highs of $22.50 before targeting the 61.8% retracement of the mentioned downtrend at $23.00 .

Bearish attempts so far are being held above the 200-day ma, which now stands at $21.45, with the next potential support levels at $20.95 (10th October low) and $20.35 (7th November low). ).

XAGUSD daily chart

Technical levels to watch

• Silver prices continued their uptrend and hit a four-month high of $21.65.
• US dollar weakness boosts precious metals.
• The pair needs to consolidate above the $21.30/50 resistance area.

Silver prices continued to rally on Tuesday after suffering a moderate pullback on Monday, with the white metal extending above the $21.30 resistance area to hit a fresh four-month high of $21.65

Precious metals appreciate when the US dollar falls

In the absence of relevant macroeconomic data and with the US election in the spotlight, precious metals rallied during the North American session. US Treasury Department Bind have responded with declines to the first polls pointing to a Republican victory, dragging the US dollar down with them.

The USA dollar index is down after modest gains during the Asian and European trading sessions, extending its reversal from last week’s highs of 113.15 to a six-week low in the 109.30 range.

A Republican takeover will most likely result in a deadlock in Congress and deadlock on stimulus measures projected for 2023. This would ease the pressure on the Federal Reserve to continue rising Prices at the current pace that has brought the idea of ​​moderate pivot back to the table.

XAGUSD is struggling in the $21.30 resistance area

Silver prices are now attempting to consolidate above the $21.30/50 resistance area where the 4th October high and the 38.2% Fibonacci Retracement levels of the March-August decline meet the 200-day SMA>

Above that, the next potential targets would be the mid-June highs at $21.90 ahead of the 50% Fibonacci level at $22.45.

However, the pair has reached overbought levels on the hourly and daily charts, foreshadowing the possibility of a moderate pullback before another rally should be considered.

Immediate support lies at the daily level of $20.60, ahead of the $20.00 round level and the 50- and 100-day SMAs at $19.30/50.

XAGUSD daily chart

Technical levels to watch

• Silver prices are up more than 2.50% on a flat US dollar and flat US Treasury yields.
• A risk off impulse acted as a tailwind for XAG, although good US economic data supported the USD.
• XAG/USD traders are gearing up for the November Federal Reserve meeting, watching Jerome Powell’s press conference and looking for a Fed pivot.

Silver prices are losing for two days, climbing above the 20- and 100-day Exponential Moving Averages (EMAs) amid a flat US dollar, while falling US Treasury yields, particularly the 10-year rate, at 4.046% remain almost unchanged. Hence, XAG/USD is trading at $19.60, up 2.63%.

XAG/USD is steadily climbing and holding gains despite good US data

Wall Street pared some of its earlier losses but ended lower. US economic data reinforced the need for further Fed tightening as manufacturing activity continues to expand on the brink of entering a recession, which could put pressure on Jerome Powell and co to slow the pace of rate hikes.

The US Institute for Supply Management’s (ISM) manufacturing purchasing managers’ index for October came in at 50.2, better-than-expected but lower than September’s reading, while the price index showed costs slipped to more than a two-year low. Previously, the S&P Global Manufacturing PMI for the same period preceded the ISM, at 50.4, above estimates and the previous month’s read.

Meanwhile, the JOLTS report, released by the US Department of Labor, reported that job vacancies jumped 10.717 million, beating estimates of 10 million and beating August’s 10.28 million.

As soon as the reports crossed the news channels, the white metal fell back from its three-week high of $20.02 to just above the 100-day EMA at $19.50, which was a difficult support to clear.

However, XAG/USD traders are gearing up for the Federal Open Market Committee (FOMC) meeting. Most analysts on the street expect a 75 basis point rate hike, but they would be eyeing every word from the Fed Chairman Jerome Powell to assess if there is a Fed pivot or the December meeting would be ‘live’ meaning there would be no forward guidance.

Before the Fed’s decision the US calendar will unveil the ADP Employment Change Report.

XAG/USD Price Analysis: Technical Outlook

From a daily chart perspective, XAG/USD is neutral down bias unless silver buyers retrace October high of $21.23. A break above the latter will uncover key resistance levels such as the 200-day EMA at $21.54 which, once cleared, could take XAG/USD to a June high of $21.92. On the other hand, XAG/USD initial support would be the 100-day EMA at $19.50, followed by the 20-day EMA at $19.28, ahead of the 50-day EMA at $19.10.

• Silver prices decline at the 100-day EMA (Exponential Moving Average) and extend losses to the 50-day EMA at $19.08.
• US core PCE rose 5.1% yoy, beating estimates, paving the way for further tightening.
• Investors are focused on the Fed’s November policy meeting, with expectations for the US Federal Reserve rising 75 basis points.

Silver prices stumbled to a key resistance level during the New York session as US economic data warrants further Federal Reserve action, while a risk stimulus keeps safe-haven assets under pressure but the US dollar bucked the trend , as of next week the Federal Reserve monetary policy decision lurks. The XAG/USD pair is trading at $19.17 a troy ounce, down 2% after hitting a daily high of $19.63.

US core PCE justifies further Fed aggression

Wall Street extends gains despite greenback trending higher. A measure of inflation released by the Commerce Department, which is also the Fed’s preferred indicator of inflation, rose 0.5% MoM, up from the previous month, justifying the need for further rate hikes amid a Fed pivot narrative circulating in financial markets . Also, the number rose 5.1% year over year, beating forecasts of 4.9%.

In a separate report, the employment cost index (ECI), an indicator used by the Fed to combat wage inflation, rose 1.2% in the July-September period, as reported by the Labor Department.

Aside from the inflation data, the University of Michigan’s consumer sentiment was unchanged at 59.9 when it was last released in October, while inflation expectations were little changed. According to the survey, one-year inflation is estimated at 5% from 5.1%, while it is estimated at 2.9% for 5 years.

Recently, the Dallas Fed September trimmed mean PCE fell slightly from 6% to 4.3%. At the same time, the Atlanta Fed has GDPNow forecast for Q4 is 3.1%.

Silver is on the defensive as US Treasury yields soared, supporting the US dollar

The market’s reaction to the US data was felt in bond markets as Treasuries sold off which was positive news for bond yields. The US 10-year Treasury yield is up 9 basis points to 4.01%, a headwind for the precious metals segment.

Meanwhile the US dollar indexa measure of the dollar’s value against a basket of its peers, rose 0.30% to 110.895, supported by

Market participants now turn their attention to next week’s Federal Open Market Committee (FOMC), where most analysts expect the Fed to hike rates Prices by 75 bps as reported by the CME FedWatch Tool with a probability of 84.5%. However, the December session will be split between 50 and 75 basis points with the majority of investors confident

Silver Key Technical Levels

• Silver (XAG/USD) surges higher in the New York session after hitting a weekly low of $18.79.
• XAG/USD remains neutral to bearish, although a break above the 100-DMA will pave the way to $20.00.
• In the short term, XAG/USD could clear the daily pivot of R1 at $19.58, bringing the 100-day EMA into play.

Silver prices reclaimed the 50- and 20-day exponential moving averages (EMAs) on Tuesday amid broad US dollar weakness as risk-on assets in the US surge Bind Rally. As a result, US Treasury yields are falling, a tailwind for the white metal. At the time of writing, XAG/USD is trading at $19.37, which is 0.77% higher than its opening price.

XAG/USD Price Prediction: Technical Outlook

The daily XAG/USD chart represents silver as neutral to bearish, although it has reclaimed the 20- and 50-day EMAs. For XAG/USD buyers to further strengthen the case for a move to neutral, they need to reclaim the 100-day EMA at $19.61, which could lead XAG/USD to rally to $20.00 a troy ounce before testing the 200-day EMA at $21.65. Additionally, the Relative Strength Index (RSI) in the bullish zone with a minimal bullish slope suggests that prices could target higher, opening the door for a test of the 100-day EMA.

In the short term, XAG/USD is neutral to bullish as indicated by the hourly chart, with prices floating around the daily pivot level at $19.30. The Relative Strength Index (RSI) is in the bullish territory at around 58.64, albeit with no direction. Therefore, XAG/USD could consolidate in the absence of a catalyst.

On the upside, initial resistance would be the daily R1 pivot at $19.58 followed by the 24th October high at $19.67 ahead of the R2 pivot level at $19.95. On the upside, initial XAG/USD support would be the confluence of the 50 and 20 EMAs at $19.23 and $19.18 respectively, followed by the S1 daily pivot point at $18.94. Dollar. The break below will expose the 100 and 200 EMAs, at $18.90 and $18.78 respectively, ahead of the S2 pivot level at $18.65.

XAG/USD Key technical levels