• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Forex News

Silver Sideways as Price Action Seeks Direction

Forex Tips by Forex Tips
September 17, 2020
in Forex News
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Spot Silver Analysis:

Silver Consolidates Following FOMC Minutes

The US Dollar strengthened slightly after the Federal Reserve reiterated its dovish position in last night’s FOMC meeting, adopting a ‘wait and see’ approach for policy going forward. While policy remains unchanged, demand for Gold, Silver and other safe-haven assets retreated, pushing price action back into its range-bound state.

Visit the DailyFX Educational Center to discover why news events are Key to Forex Fundamental Analysis

The recent surge in Silver has seen price action favoring the bulls, with the precious metal testing the psychological level of 30.00 in August. However, failing to break above this level, saw bears exerting downward pressure on XAG/USD, into a zone of confluency between key Fibonacci levels which have provided support and resistance for some time. Meanwhile, the Stochastic indicator remains above 80, a possible indication that Silver is currently trading in overbought territory.

XAG/USD Monthly Chart

Silver Price Forecast: Silver Sideways as Price Action Seeks Direction

Chart prepared by Tammy Da Costa, IG

Silver Remains Above Moving Average – For Now

From a short-term perspective, the daily chart below highlights that price action remains above the 50-day Moving Average (MA) and a bullish continuation is still likely. The Moving Average Convergence/Divergence (MACD) has crossed below the signal line from above, possibly indicating that upward momentum has decreased although the fact that it remains above zero, means that the trend has not reversed just yet.

A key level of support, now remains at the psychological level of 26.00, which is also the 38.2% Fibonacci retracement level for the move between March 2011 high and March 2020 low. If bears can break below this level, selling pressure may increase with 25.00 being the next level of interest.

Starts in:

Live now:

Sep 17

( 15:09 GMT )

Join James Stanley’s Price Action Webinar

Trader’s Toolbox: How to Identify Price Trends with Trader Sentiment

Register for webinar

Join now

Webinar has ended

XAG/USD Daily Chart

Silver Price Forecast: Silver Sideways as Price Action Seeks Direction

Chart prepared by Tammy Da Costa, IG

On the contrary, as long as 26.00 holds as support, bulls may be able to regain favor, in an effort to test August levels or at least in an effort to reach the psychological level of 28.00.

Client Sentiment

Silver Price Forecast: Silver Sideways as Price Action Seeks Direction

How to Use IG Client Sentiment in Your Trading

How to Use IG Client Sentiment in Your Trading

Recommended by Tammy Da Costa

How does sentiment affect the market?

IGCS shows retail traders are currently showing a bullish bias to Silver, with 88% of traders holding long positions (as of this writing). At DailyFX we typically take a contrarian view to crowd sentiment, and the fact traders are net-long is suggestive of a short-term price move to the downside.

— Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707





Source link

Share76Tweet47

Related Posts

Nasdaq 100, Dow Jones, DAX 30, FTSE 100 Forecasts for the Week Ahead

Russell 2000, S&P 500, Gold, USD, Biden Stimulus, Earnings, ECB

by Forex Tips
January 17, 2021
0

Recommended by Daniel Dubrovsky Get Your Free Equities Forecast Equities mostly fell this past week with a few key...

US Dollar Rebound in Focus Ahead of US Presidential Inauguration

by Forex Tips
January 16, 2021
0

US Dollar Talking PointsThe US Dollar Index (DXY) breaks out of the range bound price action from the first...

USD/ZAR Tests Key Fibonacci Support

by Forex Tips
January 15, 2021
0

Rand Dollar Price Action: USD/ZAR price action edged higher today, buoyed by a decrease in demand for Emerging Market...

US Dollar Fundamental Outlook: USD/SGD, USD/MYR, USD/IDR, USD/PHP

US Dollar Ranges Ahead of Biden Aid Plans

by Forex Tips
January 14, 2021
0

USD/JPY PRICE OUTLOOK: US DOLLAR VOLATILITY STILL HINGES ON TREASURY YIELDS, BIDEN STIMULUS DETAILS & FED-SPEAK IN FOCUSUSD/JPY price...

USD Price Action Eyes Biden Stimulus Proposal

USD Price Action Eyes Biden Stimulus Proposal

by Forex Tips
January 13, 2021
0

USD PRICE OUTLOOK: US DOLLAR ADVANCES DESPITE SLIPPING TREASURY YIELDS, BIDEN SET TO UNVEIL STIMULUS PACKAGEUS Dollar pushed higher...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.