Silver Price Analysis: XAG/USD now testing 200DMA at $24.65 after surging another nearly 2.0% on the day By Frank_Macro XAGUSD Silver
highs) on Thursday to surge above the $24.50 per troy ounce level. At current levels around the $24.60 mark, spot prices are now up nearly 2.0% on the day, taking gains on the week to over 7.0%. The precious metal is now eyeing a test of its 200DMA at $24.65, a break above which would open the door to a test of the $25.00 level and the November 2021 highs in the $25.40s.
Over the past two days, during which time XAG/USD has rallied about $1.20 from underneath the $23.50 level, precious metals have taken the opportunity to rally amid subdued trading conditions in US bond and currency markets. The rally in US real yields has faded over the past two sessions and the DXY, which started the week on a strong footing, has struggled to hold above 95.50.
Meanwhile, China has been easing monetary policy settings, with the PBoC already cutting MLF and mortgage rates this week and pledging to embark on further stimulus in the weeks ahead. This has boosted appetite for base metals on hopes for Chinese growth to stabilise and pick up again later in the year and seems to be aiding spot silver – a greater proportion of silver’s demand comes from industrial usage in comparison to gold.
Looking ahead for the precious metal, technical momentum has clearly swung in a substantially bullish direction but, for this to continue, a break above the 200DMA will be needed. Over the past seven months, XAG/USD has tested its 200DMA on two occasions and failed to break above it twice. Both of these failed attempts were followed by significant drawdowns .
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Alibaba’s U.S. cloud probe has big silver liningWashington is examining whether the $350 bln Chinese e-commerce giant’s data-storage business poses a risk to national security. That could hobble the unit’s global ambitions. But shareholders, at least, have little to worry about yet: They already ascribe almost no value to it.
Consulte Mais informação »
Wait, C-3PO Had a Silver Leg This Whole Time?Like, *the whole time*?
Consulte Mais informação »
Porsche’s New Platinum Edition Cayenne Brings Silver Style to the SUVAs the moniker suggests, the four-wheeler sports gleaming Platinum accents.
Consulte Mais informação »
Silver bulls running into a wall of daily resistance towards 24.00The price of silver has tracked gold higher of a sudden, yet not fully explained, at least as far as fundamentals gold rush for gold. US Treasury yiel
Consulte Mais informação »
Rolls-Royce Silver Shadow II | Spotted'If you don't love a Silver Shadow, I am afraid to inform you that you have no soul.' You heard it here first...
Consulte Mais informação »
USD/CAD subdued just above 200DMA at 1.2500 as higher oil prices, hawkish BoC bets insulate loonie from buoyant buckUSD/CAD subdued just above 200DMA at 1.2500 as higher oil prices, hawkish BoC bets insulate loonie from buoyant buck By Frank_Macro USDCAD BOC Fed WTI Oil
Consulte Mais informação »