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SILVER View following by gold! Shorts gonna playin" sooner!Spot silver XAGUSD1! rose 0.7% to $25.15 per ounce, platinum PL1! was up 0.2% at $909.76 and palladium XPDUSD1! climbed 0.9% to $1,023.95. Gold prices rose to a record high on Monday, as a softer U.S. inflation reading cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June. Spot gold GOLDwas up 1.2% at $2,258.53 per ounce, as of 0815 GMT, after hitting an all-time high of $2,262.19 earlier in the session. U.S. gold futures GOLD gained 1.8% to $2,279.50. "The absence of any upside surprises in the core PCE price index release may have provided further go-ahead for gold prices to push into new record territory," said IG market strategist Yeap Jun Rong, referring to the personal consumption expenditures (PCE) price index report. The core reading now at its lowest level in almost two years potentially offers some validation for the Fed to kick-start its rate-cutting process sooner rather than later, Jun Rong said. The latest U.S. inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said on Friday. U.S. prices moderated in February, with the PCE price index rising 0.3%, data showed. Traders are currently pricing in a 69% probability that the Fed would begin cutting rates in June, according to the CME Group's FedWatch Tool. Lower interest rates reduce the opportunity cost of holding bullion. Gold logged its biggest monthly rise in more than three years in March after a blistering rally fuelled by rate-cut bets, strong safe-haven demand and central bank buying. "Today's price action is happening in a very low liquidity environment – most European and many APAC markets are still closed for Easter Monday. So, it would not be surprising to see these moves reverse when participation rebuilds later in the week," said Ilya Spivak, head of global macro at Tastylive.
OANDA:XAGUSDShort
by FXBANkthe8055
Silver: Thoughts and AnalysisToday's focus: Silver Pattern – Breakout test. Support – 21.90, 22.84 Resistance – 23,45 23.19 Hi, traders; thanks for tuning in for today's update. Today, we are looking at Silver on the daily chart. Looking at Silver, we see that price continues to pull back after breaking out of a triangle-based squeeze pattern. This is fine after a breakout but we want to see 22.84 hold as support for buyers. If it does, we will look for a move to retest resistance, set up a range break, and possibly confirm a new up trend. If sellers break 22.84 support, this could be a worry, and if other factors weigh in, like metals sector selling and or a firmer USD, this could lead to deeper tests to the downside. Do you think buyers can hold and set up a new push higher? Good trading.
EIGHTCAP:XAGUSDLong
by Eightcap
Silver to 23.52, then 24.40 and ultimately 25.90Fundamentals backing this trade idea: - Silver as a seasonsal tendency to rise in the month of February - Looking at the Commitment Of Traders Reports, large commercial hedgers are decreasing their overall net short positions Thought process: Smart Money Concepts begin with adopting the 'Market Efficiency Paradigm' which is the idea that the market is either seeking liquidity or areas of inefficiency at a premium or a discount. I interpret the price run below 22.51 as smart money buying as a counter-party to traders who had market orders to sell the market at that price point (buying from sellers at a discount) To then offset some of their positions at 24.40 where there are willing buyers at a premium Any bearish candle that prints on the DAILY chart is viewed as a buying opportunity. I anticipate 'UP' candles to be broken through with low resistance and 'DOWN' candles to hold as 'support'
FOREXCOM:XAGUSDLong
by Randal-TraderState
2
Silver Prices Near Monthly Low Amid Fed's Hawkish SignalsSilver prices (XAG/USD) are experiencing a significant decline, approaching the $22.00 mark, driven by signals from Federal Reserve (Fed) Chair Jerome Powell and colleagues indicating a willingness to implement additional interest rate hikes in pursuit of a more restrictive monetary policy stance. Jerome Powell's recent statements, affirming the Fed's readiness to raise interest rates further to maintain price stability, contrast with the uncertainties expressed by Fed policymakers Mary Daly and Thomas Barkin, who remain unsure about the necessity of interest rate hikes. Concurrently, apprehensions preceding the release of US inflation data for October have contributed to keeping silver prices subdued. As per expectations, the Core Consumer Price Index (CPI) for the month and year is anticipated to exhibit steady growth at 0.3% and 4.1%, respectively. The US Dollar has strengthened in anticipation of inflation data, with a potential drop in the inflation rate to 2% heightening hawkish sentiments at the Fed. The US Dollar Index (DXY) is striving to surpass the immediate resistance level of 106.00. In European trading, S&P500 futures have recorded additional losses, reflecting a risk-averse market sentiment. The yield on the US 10-year Treasury bond has risen to approximately 4.65%. Technical Analysis of Silver Silver prices continue their downward trajectory post a test of the breakdown of consolidation within the $22.37-23.70 range on the four-hour chart. Short-term demand for the precious metal remains muted as it has dipped below the 200-period Exponential Moving Average (EMA), hovering around $22.70. The Relative Strength Index (RSI) (14) has entered the oversold range of 20.00-40.00, signaling the activation of downward momentum.
TVC:SILVER
by Gwen_Humuna
#XAGUSD: 2nd Entry Possible, big trade coming! Dear Traders, At the beginning of the week and the first hour of trading of Monday, gold and silver price sky rocketed. The reason is many institutional traders took the price high to take their profit out as we approaches the year end. The second thing is the fear that FED will increase the interest rate that means dollar will collapse ultimately this fear led pre session market sentiment to go all in. Moving forward we expect price to fill the liquidity voided area and once filled. Price can continue the drop. Thanks in advance and good luck.
OANDA:XAGUSDLong
by Setupsfx_
2
SILVER → Remains on track to conquer $25.00OANDA:XAGUSD enters a bullish consolidation phase and oscillates in a narrow trading band just above mid-$24.00s through the first half of the European session on Tuesday. The white metal, however, remains well within the striking distance of a near three-month high touched on Monday and seems poised to prolong its recent strong appreciating move witnessed over the past two weeks or so. From a technical perspective, the recent breakout through the 200-day Simple Moving Average (SMA) and a subsequent strength beyond the $24.00 round figure was seen as a fresh trigger for bullish traders. Furthermore, oscillators on the daily chart are holding comfortably in the positive territory and are still far from being in the overbought zone, validating the near-term positive outlook for the XAG/USD. Hence, any meaningful downside might still be seen as a buying opportunity near the aforementioned resistance breakpoint now turned support near the $24.00 mark. This should help limit the downside for the XAG/USD near the 200-day SMA, currently pegged near the $23.35-$23.30 region. That said, a convincing break below might prompt some technical selling and pave the way for some meaningful downside. The XAG/USD, meanwhile, still seems poised to make a fresh attempt to conquer the $25.00 psychological mark. The next relevant hurdle is pegged near the $25.25 region, or the YTD peak touched in May, which if cleared decisively will reaffirm the bullish bias. The white metal might then accelerate the positive momentum towards reclaiming the $26.00 round figure for the first time since April 2022.
OANDA:XAGUSDLong
by tradingconmike
1
XAG/USD on the Rise, Sustaining Upward Momentum Silver prices saw a 0.91% increase on Thursday amid low trading volumes as the Asia-Pacific trading session commenced, holding steady around $23.82. There was little change in the early Friday session as markets in Japan and the United States resumed activities following a break. The daily chart for silver illustrates the gray metal's trend as neutral to slightly bullish, remaining close to the weekly high, potentially paving the way for a test of the $24.00 mark. After overcoming a previous hurdle, the next resistance lies at the highest point on June 9, reaching $24.52 before XAG/USD advances to $25.00. Achieving this milestone would solidify the upward trend, marking the highest point year-to-date at $26.12. Conversely, a decline below the November 23rd low of $23.60 may initiate a test of the 200-day moving average (DMA) at $23.32. If sellers push the price below that level, XAG/USD could shift towards a neutral downtrend, indicating the 20-DMA at $23.13, followed by the 50-DMA at $22.75. This potential downward movement signals a cautious market sentiment and warrants careful monitoring in the coming sessions.
TVC:SILVER
by Larissa-Trader
XAG/USD Maintains Uptrend, Buyers Target $24.00Silver prices increased by 0.91% on Thursday, trading around $23.82 as the Asia-Pacific trading session commenced on Friday. The daily chart indicates a neutral to bullish trend, maintaining near weekly highs, setting the stage for a potential test of the $24.00 level. Once surpassed, the next resistance lies at the June 9th high of $24.52 before potentially reaching $25.00. Breaking through these levels would solidify the upward trend, marking the highest point year-to-date (YTD) at $26.12. On the downside, if XAG/USD drops below the November 23rd low of $23.60, it may test the 200-day Moving Average (DMA) at $23.32. Further decline could lead to a neutral to bearish trend, with the 20-DMA at $23.13 and the 50-DMA at $22.75 as potential support levels.
TVC:SILVER
by Larissa-Trader
1