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5 Jun 2023

Silver Price Analysis: XAG/USD cuts some of its losses back above the 100-DMA

  • XAG/USD reclaims the 100-day EMA at $23.47 after dipping to a daily low, showcasing a subtle comeback.
  • Despite the recovery, the market remains neutral to downward biased as XAG/USD fails to reconquer the April 25 daily low.
  • Technical indicators suggest a battle between sellers and incoming buyers, hinting at volatility in the XAG/USD market.

XAG/USD stages a comeback though it remains slightly below its opening price, reclaimed the 100-day Exponential Moving Average (EMA) at $23.47 after hitting a daily low of $23.25. At the time of writing, XAG/USD exchanges hands at $23.55, down 0.14%

XAG/USD Price Analysis: Technical outlook

From a daily chart perspective, the XAG/USD is neutral to downward biased, as price action has failed to reconquer the April 25 daily low of $24.49, which could pave the way for further upside. In addition, the Relative Strength Index (RSI) indicator at bearish territory suggests that sellers are in charge, while the 3-day Rate of Change (RoC) indicates that buyers are moving in, cushioning the XAG/USD’s fall.

For a bearish resumption, XAG/USD must fall below the 100-day EMA at $23.47 to force a downward move to the $23.00 figure. A breach of the latter will expose the 200-day Exponential Moving Average (EMA) at $22.86.

Conversely, if XAG/USD buyers reclaim the 20-day EMA at $23.76, a rally toward the $24.00 is on the cards. But on its way north lies the 50-day EMA at $23.89.

XAG/USD Price Action – Daily chart

XAG/USD Daily chart

 

Jun 5, 2023

NZD/USD recovers from multi-month lows following weak US PMIs

The NZD/USD traded with gains at the beginning of the week near 0.6070, fueled by poor economic data from the US, which sparked a US Dollar sell-off.
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Jun 5, 2023

WTI Price Analysis: Bulls are waiting in the flanks of the Fibonacci scale

Crude prices jumped today after Saudi Arabia said it would cut its crude production by -1.0 million bpd starting in July. However, weaker-than-expecte
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