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
Trading news
Back
4 Sep 2023

Silver Price Analysis: XAG/USD hits one-week low, manages to hold above $24.00 mark

  • Silver edges lower for the fourth successive day and touches a one-week low on Monday.
  • The mixed oscillators on hourly/daily charts warrant caution before placing directional bets.
  • A sustained move beyond the $25.00 mark will be seen as a fresh trigger for bullish traders.

Silver remains on the defensive for the fourth successive day on Monday and drops to a one-week low during the early part of the European session, though manages to hold above the $24.00 round-figure mark.

The downtick could be attributed to some technical selling after last week's repeated failures to break through a descending trend line extending from over a one-year high, around the $26.10-$26.15 region touched in May. That said, mixed oscillators on hourly/daily charts warrant some caution before placing bearish bets around the XAG/USD and positioning for any further decline.

Hence, any subsequent fall is more likely to find some support near the 200-period Simple Moving Average (SMA) on the 4-hour chart, currently pegged around the $23.80 region. Some follow-through selling, however, should pave the way for a fall towards the $23.55 region, which is closely followed by the 200-day SMA, near the $23.40 region. The latter should act as a pivotal point for the XAG/USD.

A convincing break below will be seen as a fresh trigger for bearish traders and expose the $23.00 round figure. The downward trajectory could get extended further and drag the XAG/USD towards strong horizontal support near the $22.20-$22.10 region.

On the flip side, the $24.30-$24.35 area now seems to act as an immediate hurdle ahead of the aforementioned descending trend-line resistance, currently around the $24.75 region. This is followed by the $25.00 psychological mark and July monthly swing high, around the $25.25 region. A sustained strength beyond should allow the XAG/USD to make a fresh attempt to conquer the $26.00 mark.

Silver daily chart

fxsoriginal

Technical levels to watch

 

Sep 4, 2023

Euro generates traction and reclaims 1.0800, looks at ECB-speak

The Euro (EUR) regains some upside traction vs. the US Dollar (USD) and encourages EUR/USD to reclaim the area above the key 1.0800 the figure at the
Read more Previous
Sep 4, 2023

Brazil Fipe's IPC Inflation down to -0.2% in August from previous -0.14%

Brazil Fipe's IPC Inflation down to -0.2% in August from previous -0.14%
Read more Next