fbpx

Silver slides in the week down 2.91%, eyes $23.00 as we head towards the weekend

  • As we head towards the NY close, the white-metal trades down 0.87%.
  • The US dollar fell 0.06% as the American session unwinds.
  • The US 10-year Treasury yield rise to 1.26%.

Despite US dollar weakness, silver slides for the third day in a row, and trades around $23.06 down almost 1%.

The US dollar index is down at the session, sits at 93.51 for a 0.06% loss. Nevertheless, the US 10-year Treasury yield is up at 1.26%, 18 basis points (bps) rise, towards the end of the week.

In regards to yesterday’s price action, silver closed at $23.25 for a loss of 1.15%, meanwhile, the greenback reached a nine-month high, and by the close of the American session, finished at 93.56 for a 0.42% gain.

Silver technical outlook

XAG/USD trades at $23.02 and trending lower. The daily moving averages are above $25.30, with the shorter-time frame under the longer-time frames. As prices aim lower the first support is the $23.07/$22.97 range followed by a really long fall towards August 9 low at $22.00. On the other hand, the first resistance is yesterday’s high at $23.52, followed by the August 17 high at $23.95, and then the 50-day moving average confluence with a down trendline around $25.25-50 range

RSI is at 30.33 headed downwards supporting sellers, while the Average True Range (ATR) is at $0.57 flat.

Source link

Leave a Reply

Your email address will not be published.

^N225 
$27,819.33  $180.63  0.65%  
SGHIF 
$1.41  $0.0000  0.00%  
^HSIL 
$23.81  $1.73  6.77%  
SZNTF 
$0.2006  $0.0000  0.00%  
KOSPI.KS 
$2,523.78  $42.90  1.73%  
AUS.NZ 
$3.08  $0.012  0.39%  
^NSEI 
₹ 17,660.40  ₹ 125.65  0.72%  
FCNBCA.FGI 
$8,166.94  $178.23  2.23%  
EURUSD=X 
$1.03  $0.0033  0.32%  
GBPUSD=X 
$1.22  $0.0016  0.13%  
JPY=X 
$132.61  $0.267  0.20%  
^GSPC 
$4,210.24  $87.77  2.13%  
NDAQ 
$186.60  $3.43  1.87%  
^DJI 
$33,309.51  $535.11  1.63%