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17 Jul 2023

Silver Price News: XAG/USD pares intraday losses near $25.00 on upbeat options market signals

Silver Price (XAG/USD) bounces off intraday low to pare the first daily loss in three to around $24.90 during Monday’s Asian session. In doing so, the bright metal ignores a corrective bounce in the US Dollar while grinding near the highest level in two months, mainly due to the upbeat options market signals.

It should be noted that a one-month risk reversal (RR) of the Silver price, a gauge of the spread between the call and put options, marked the biggest weekly gain in two months to 0.540 at the latest. Also showing the XAG/USD trader’s optimism is the two-day winning streak of the daily RR, to around 0.1000 by the end of Friday’s North American session.

Apart from the options market signals, the mixed sentiment and the concerns about the Federal Reserve’s (Fed) nearness to policy pivot, as flagged by the last week’s US inflation data, also seem to underpin the Silver Price run-up.

However, the market’s consolidation amid the two-week blackout period for the US central bank policymakers ahead of the late July monetary policy meeting seems to challenge the XAG/USD bulls amid a sluggish week-start.

Also read: Silver Price Analysis: XAG/USD rises despite US yields recovering

Jul 17, 2023

GBP/USD stays defensive around 1.3100 on mixed news, focus on UK inflation, US Retail Sales

GBP/USD remains sidelined around 1.3090 amid Monday’s early Asian session, after reversing from the highest levels in 15 months. In doing so, the Poun
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Jul 17, 2023

USD/CAD recovers some ground around the 1.3220 area, eyes on Canadian CPI

The USD/CAD pair recovers some ground and holds above the 1.3220 mark in the early Asian session after hitting the lowest level since September 2022.
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