Slobodan Drvenica
Windsor Brokers
XAG/USD
Silver price edged higher early Tuesday, as bears take a breather after strong acceleration in past two days (down almost 7%) hit the lowest in over six months.
The US dollar rose further and remains supported by signals that the Fed is likely to keep restrictive monetary policy for some time, as the US economy remains surprisingly resilient despite strong negative impact from high borrowing cost.
Bears found a temporary footstep at $20.82 (61.8% retracement of $17.54/$26.12 rally) with partial profit-taking to push the price higher to offer better selling opportunities, as traders await release of the first from three key reports from US labor sector - JOLTS job openings (Aug f/c 8.80M vs July 8.82M) with release at /above consensus to provide fresh positive signals for dollar.
Firm break of cracked support at $20.82 to expose supports at $20.28 (200MMA); $20 (psychological) and $19.88 (early March higher base). Broken Fibo 50% ($21.83) should ideally cap, with extended upticks not to exceed former range floor ($22.10/20) to keep bears in play.
Res: 21.83; 22.20; 22.56; 22.84.
Sup: 20.82; 20.68; 20.28; 20.00.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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