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.
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.
Octa trading broker
Open trading account
Back

Silver Price Analysis: XAG/USD flirts with daily low, holds above 38.2% Fibo. pivotal support

  • Silver meets with some supply and erases a part of Friday’s strong gains to a two-week high.
  • The technical setup supports prospects for the emergence of some dip-buying at lower levels.
  • Sustained weakness back below the $22.30 area could pave the way for further intraday losses.

Silver (XAG/USD) kicks off the new week on a weaker note and erodes a part of Friday's strong move up to the $22.80 region, or a two-week high. The white metal maintains its offered tone through the early part of the European session and is currently placed just above mid-$22.00s, down over 0.70% for the day.

From a technical perspective, Friday's sustained breakout through a multi-day-old trading range and a subsequent move beyond the 38.2% Fibonacci retracement level of the August-October downfall favours bullish traders. Moreover, oscillators on the daily chart have just started gaining positive traction and support prospects for the emergence of some dip-buying near the $22.30 area and remain limited.

Some follow-through selling, however, could turn the XAG/USD vulnerable to weaken further below the $22.00 mark, towards the 23.6% Fibo. level, around the $21.75 area. Failure to defend the said support levels has the potential to drag the white metal further towards the $21.3-$21.30 intermediate support en route to the $21.00 mark and the $20.70-$20.65 zone, or a seven-month low touched earlier this month.

On the flip side, bulls might now wait for a move beyond the $22.80 region, or the 50% Fibo. level, before placing fresh bets. The XAG/USD might then surpass the $23.00 round-figure mark and climb further towards testing the $23.35 confluence, comprising the very important 200-day Simple Moving Average (SMA) and the 61.8% Fibo. level. A sustained move beyond will set the stage for a further appreciating move.

The subsequent move up has the potential to lift the XAG/USD towards the next relevant hurdle near the $23.75-$23.80 region (September 22 high) en route to the $24.00 round figure and the $24.30-$24.35 resistance zone.

Silver daily chart

fxsoriginal

Technical levels to watch

 

NZD/USD recovers the recent losses near 0.5920, focus on RBNZ inflation, US Retail Sales

NZD/USD trades higher around 0.5920 during the early European session on Monday, recovering from the recent gains registered in the previous two tradi
Read more Previous

It is still far too early to abandon risk-off again – Commerzbank

The market notices the war in the Middle East with a delay, economists at Commerzbank report. Risk-off with some delay The market took a whole week to
Read more Next