By JFD TeamCommodities34 minutes ago (Aug 24, 2021 07:25AM ET)

XAG/USD traded higher yesterday, after it hit support at 22.84 on Friday. Overall, the white metal is trading below the upside support line drawn from the low of Nov. 30, as well as below the downside resistance line taken from the high of Feb. 1. As long as this is the case, we would consider the medium-term outlook to be negative, and any further near-term advances as a corrective phase.

Even if the metal continues to gain for a while more, we see decent chances for the bears to jump back into the action from near the 24.45 level, marked as a resistance by the inside swing low of July 27. If so, we could see another test near 22.84, where a break would confirm a forthcoming lower low and may pave the way towards the 21.80 territory, which acted as a support back on Sept. 24 and Nov. 30. If the bears are not willing to stop there, then a break lower could carry larger bearish implications, perhaps setting the stage for the 19.50 territory, defined as a support by the inside swing high of July 15, 2020.

Taking a look at our daily oscillators, we see that the RSI moved higher after hitting support at its 30 line, while the MACD, although negative, has rebounded as well and moved above its trigger line. Both indicators detect slowing downside speed and support the notion for some further recovery before the next leg south.
We will start examining whether the overall outlook has turned bullish again upon a break above the downside line taken from the high of Feb. 1. This may encourage advances towards the 28.40 or 28.72 territories, where a break could allow extensions towards the 30.05 level, marked by the peak of Feb. 1. This is also the highest point since February 2013.

XAG/USD silver daily chart technical analysis

Silver Rebounds, But Outlook Stays Negative

Precious Metals Complex Update: Potential New Pattern Forming
By David Tablish – Aug 24, 2021

There is a potential new pattern forming in the PM complex which I first noticed on the short-term daily chart for SPDR(R) Gold Shares (NYSE:GLD).
Below is the daily chart we looked…

Gold And Oil Start Week With Sharp Gains
By Craig Erlam – Aug 23, 2021

Gold Surges In Commodity Comeback
We’re seeing strong rallies in commodity markets today, and gold is among those making strong gains. The yellow metal is up more than 1% and above…

U.S. Dollar Resurgence: Don’t Let It Catch You Flat-Footed!
By Przemyslaw Radomski, CFA – Aug 23, 2021

With its negative correlation to the metals, the USDX rally weighed heavily on gold, silver and stocks. Stop and think: what would happen if it continued?
While the overwhelming…

Disclaimer: The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval. 73.90% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure – .

Central Banks Rates

Central Banks
Interest Rates
Next Meeting

FED0.00%-0.25%Sep 22, 2021 ECB0.00%Sep 09, 2021 BOE0.10%Sep 23, 2021 SNB-0.75%Sep 23, 2021 RBA0.10%Sep 07, 2021 BOC0.25%Sep 08, 2021 RBNZ0.25%Oct 06, 2021 BOJ-0.10%Sep 21, 2021 CBR6.50%Sep 10, 2021 RBI4.00%Oct 08, 2021 PBOC3.85% BCB5.25%Sep 22, 2021

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2021 Fusion Media Limited. All Rights Reserved

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Leave a Reply

Your email address will not be published.