Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Test
Trading news
Back
13 Sep 2022

Silver Price Analysis: XAG/USD bulls now await a move beyond descending trend-line hurdle

  • Silver attracts some dip-buying on Tuesday and inches back closer to a multi-week high.
  • The set-up favours bullish traders and supports prospects for additional near-term gains.
  • Only a sustained break below the $18.45-40 area will negate the near-term positive bias.

Silver reverses its early lost ground and moves back to the $19.80 area during the first half of the European session on Tuesday. The white metal is currently placed just below a nearly four-week high touched the previous day and seems poised to prolong its recent recovery from the $17.55 area, or over a two-year low.

The positive outlook is reinforced by the fact that technical indicators on the daily chart have just started moving in the bullish territory and are still far from being in the overbought zone. That said, the overnight failure near a descending trend line extending from May swing high warrants some caution for aggressive bullish traders.

Hence, it will be prudent to wait for a convincing break through the said hurdle, currently around the $20.00 psychological mark before positioning for any further appreciating move. The XAG/USD might then climb to test the 100-day SMA, near the $20.45 region, before accelerating the move towards reclaiming the $21.00 round-figure mark.

Some follow-through buying has the potential to lift the XAG/USD towards the next relevant hurdle, around the $21.50 area. The upward trajectory could further get extended towards the $22.00 mark. This is closely followed by the very important 200-day SMA, around the $22.15 region, which should act as a strong barrier for the commodity.

On the flip side, any further slide below the daily low, around the $19.55-$19.50 area, now seem to find decent support near the $19.25 region, or the 50-day SMA. Any subsequent slide could be seen as a buying opportunity and remain limited near the $18.45-$18.40 support zone. A convincing break below the latter is needed to negate the positive bias.

Silver daily chart

fxsoriginal

Key levels to watch

 

Sep 13, 2022

United States NFIB Business Optimism Index rose from previous 89.9 to 91.8 in August

United States NFIB Business Optimism Index rose from previous 89.9 to 91.8 in August
Read more Previous
Sep 13, 2022

When is the US consumer inflation (CPI report) and how could it affect EUR/USD?

Tuesday's US economic docket highlights the release of the critical US consumer inflation figures for August, scheduled later during the early North A
Read more Next