Silver Price Analysis: Bears go head to head with bulls near trend line resistance

Silver is meeting key support on the daily chart.
Beazrs need a break of structure while bulls need to get above trendline resistance.

Ross J Burland FXStreet

The price of Silver has run into a key area of daily support that leaves the bias bullish for the near term. The following illustrates this along with the market structure and various scenarios for the foreseeable future.,

XAG/USD daily charts

Silver is on the front side of the bearish trend but the price has run into a potential demand area that could see the bears throwing in the towel.

The above scenario, however, shows a bearish bias with the trendline resistance playing its role in the sell-off below the market structure.

On the other hand, the market has rallied hard into the bearish impulse and is taking out the 50% mean reversion level. A break of the trendline resistance leaves the bullish bias intact. However, that is not to say that the bears will not attempt to sell at a premium which could see the price restest recent lows as its forms structure in a stage of accumulation.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD tumbles below 1.1800 as Middle East turmoil drives US Dollar demand

The EUR/USD pair falls to near 1.1770 during the early Asian session on Monday, pressured by a renewed US Dollar demand. The Greenback gathers strength against the Euro as the conflict across the Middle East is heightening traders' anxiety, boosting the safe-haven currencies.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold jumps over 2% toward $5,400 after US, Israel attack Iran

Gold is on fire at the start of the week, a widely expected move, as investors seek harbor in the traditional store of value, following the continued US and Israel attacks on Iran. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the Middle East conflict, rushing for cover in Gold.

Iran escalation: Quick thoughts on markets

Markets are likely to open the week with risk-off, with declines led by airlines, cyclicals and trade-exposed names, while energy, defense and “strategic” sectors may be relatively steadier.

Crisis in the Middle East: The market reaction

A primer on how markets will open on Monday, and why geopolitical risk may not be easily absorbed by financial markets this time around. Geopolitics and events between Iran, the US and the wider Middle East will dominate financial markets on Monday. The situation has continued to escalate as we move through Sunday.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.