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27 Nov 2023

Silver Price Analysis: XAG/USD remains bullish, though faces strong resistance at around $24.90

  • Silver prices climb to a new three-month high at around the $ 24.80 area.
  • US Treasury bond yields pullback, driving the grey-metal price higher.
  • XAG/USD is bullish above $24.50, otherwise, expect a pullback below $24.00.

Silver price encounters solid resistance at around $24.90, though it remains trading in the green, posting solid gains of more than 1.30% on Monday due to a retracement of US Treasury bond yields, weakening the buck. That, alongside a scarce economic calendar, keeps investors focused on the release of the Personal Consumption Expenditures (PCE) Price Index later in the week. The XAG/USD is trading at $23.65 after hitting a low of $24.27.

The XAG/USD daily chart portrays the grey metal reached a new three-month high at $24.87, but buyers failure to test the $25.00 figure sponsored the current pullback toward $24.65, above the Bollinger-band’s top standard deviation. Further upside is seen above the August 30 high at $25.00, immediately followed by the next supply zone at $25.26, the July 20 high, followed by the May 10 swing high at $25.91.

On the bearish scenario, if Silver’s price drops below the psychological $24.50 area, a test of the 200-day moving average (DMA) at $23.34 is on the cards. The next key demand areas would be the 20-DMA at $23.22, followed by the 50-DMA at $22.79.

XAG/USD Price Analysis – Daily Chart

XAG/USD Technical Levels

 

Nov 27, 2023

GBP/JPY testing into the low end on Monday, struggling to hold onto 188.00

The GBP/JPY is sagging below the 188.00 handle on Monday as the Pound Sterling (GBP) finds itself falling back against the Japanese Yen (JPY), trimming back gains after the GBP/JPY peaked at 188.66 last week.
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Nov 27, 2023

USD/NOK dips below key SMAs as Dollar weakness rolls on

In Monday's trading session, the USD/NOK plummeted, dipping below both the 200 and 100-day Simple Moving Averages and standing around 10.650.
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