Slobodan Drvenica
Windsor Brokers
Silver price hit new highest since November 2012 on Monday, in extension of last Friday’s record daily rally of 6.4%, with psychological $34.00 barrier being cracked.
Increased safe haven demand dragged silver price, as geopolitical situation is overheated and markets pricing around 90% chance of Fed rate cut in November FOMC policy meeting.
Strong bullish signal has been generated on monthly chart after bulls eventually broke above key barriers at $30.00/50 (psychological / 50% retracement of $49.78/$11.23, 2011/2020 downtrend) which where the price was stuck for four months.
Firmly bullish daily studies continue to contribute to positive structure, underpinned by favorable fundamentals.
The price is currently riding on extended fifth wave of five wave sequence from $26.39 (Aug 8 low) with FE 161.8% (33.89) being cracked.
Close above this level to verify fresh signal and open way for attack at next targets at $35.00/05 (psychological / Fibo 61.8% of $49.78/$11.23) and $35.369 (FE 200%).
Meanwhile, bulls may take a breather under these barriers as daily studies are overbought, with limited dips to be ideally contained above $32.20 zone and to offer better buying opportunities.
Res: 33.89; 34.26; 35.00; 35.36
Sup: 33.51; 32.95; 32.23; 32.00
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.
Recommended Content
Editors’ Picks
Australian Dollar appreciates despite stronger US Dollar, PMI awaited
The Australian Dollar (AUD) continues to strengthen against the US Dollar (USD) following the release of mixed Judo Bank Purchasing Managers' Index (PMI) data from Australia on Friday. The AUD also benefits from a hawkish outlook by the Reserve Bank of Australia (RBA) regarding future interest rate decisions.
Japanese Yen remains on the front foot against USD, bulls seem non-committed
The Japanese Yen (JPY) attracts some buyers for the second straight day on Friday amid reviving bets for more interest rate hikes by the Bank of Japan (BoJ), though it lacks any follow-through.
Gold advances to near two-week high, eyes $2,700 on geopolitical tensions
Gold price (XAU/USD) prolongs its uptrend for the fifth consecutive day on Friday and climbs to a nearly two-week top, around the $2,690-2,691 area during the Asian session. Intensifying Russia-Ukraine tensions force investors to take refuge in traditional safe-haven assets and turn out to be a key factor underpinning the precious metal.
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally
Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time.
A new horizon: The economic outlook in a new leadership and policy era
The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.