In this article, we conduct an in-depth analysis of silver’s outlook, incorporating insights from both fundamental and technical viewpoints ahead of key U.S. jobs data.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Oct 5, 20232023-10-05 21:00:00fell on Thursday despite U.S. dollar softness, as traders remained bearish on precious metals given the recent jump in nominal and real U.S. yields. In this context, XAG/dropped about 0.2% to $20.95 in late afternoon trading in New York, in a session characterized by moderate volatility onThe U.S.
To gauge the near-term trajectory of silver, traders should focus on the strength or weakness of U.S. NFP figures. Should the official numbers surprise to the upside by a wide margin, the Fed's outlook could become more hawkish, leading traders to increase bets in favor of another hike in 2023 and higher interest rates for longer. This scenario could boost the U.S. dollar and drag down silver prices.The opposite is also true.
In terms of technical analysis, silver prices are sitting above an important support zone near $20.70 after the recent selloff. Protecting this critical floor is of utmost importance for the bulls; any failure to do so could potentially send XAG/USD tumbling toward $19.95. On further losses, sellers may be emboldened to initiate an assault on $18.80.
Conversely, if silver manages to stabilize and commence a rebound from its current position, initial resistance appears to be located at $22.30. Although a test of this region may lead to rejection, a bullish breakout could reignite upward momentum, paving the way for an advance toward $22.60, followed by $23.75.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.
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