Silver Price Forecast: XAG extends lower low sequence, eyes on $55
Silver Price Forecast: XAG extends lower low sequence, eyes on $55
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Silver Price Forecast: XAG extends lower low sequence, eyes on $55
Forex
Precious metals are losing ground as traders worry that Fed would raise rates soon.
AUD/USD has broken below its multi-month uptrend after a sharp decline from the yearly highs, shifting the technical focus toward the July opening range and a major support zone just below. Weekly momentum has turned over, and the question now is whether Aussie can stabilize above support and carve out a near-term low, or if the breakdown opens the door to another leg lower.
Gold is starting to face difficult trading sessions. Over the last 2 trading sessions, XAU/USD has shown a renewed weakness bias, with a decline of just over 3.00%.
Rising Treasury yields provided support to the American currency.
Euro: Energy repricing shapes outlook against US Dollar – ABN AMRO
Pound Sterling Price News and Forecast: GBP/USD holds firm as Hormuz shock lifts Oil, Dollar
The EUR/USD edged only slightly lower, showing surprising resilience for now while European equity markets took the brunt of the sell-off, as tensions in the Middle East made an unwelcome return with renewed intensity. A sharp rebound in crude oil prices has quickly become the dominant market theme again, overshadowing economic data and forcing investors back into defensive positions.
British Pound: Recovery eyes 1.36 against US Dollar – Scotiabank
Silver falls as Trump renews Iran threats, boosts US Dollar ahead of Fed Minutes
Gold gaps lower as the US bombs Iran, and interest rates spike again. At this point, the markets are likely to be looking for a break in geopolitical risks to resume attempting to go higher.
The silver market has struggled again during the trading session on Wednesday, as we continue to see a bit of trouble in this area, as rates climb, and uncertainty prevails.
Silver recently reversed from the resistance zone between the key resistance level 62.60 (former strong support from February and June), 20-day moving average and the 50% Fibonacci correction of the downward impulse from June.
After being on a downtrend since late June, USD/ZAR is getting its grip back with nearly 1% gain in the last 12 hours.
The United States struck Iran again last night.
Gold retreated from the resistance of 4200 while managing to meet the target of 4100 and broke below it today. Intraday shows a chance to test the support at 4020-30 which could push for a rebound to test the 4095-4100 zone.
USDJPY managed to pass above the short-term resistance zone of 161.95 which shows a strong advance still ongoing. Prices fell toward 160.50-70 on the suspected intervention before bouncing back.
GBPUSD managed to test the resistance zone at 1.3400-30 in the last few days before a market correction. As we see over the previous chart and as long as prices remain below this resistance, another retreat toward 1.3305 and 1.3160 could hit the market.
EURUSD is still holding above the Intraday support at 1.1380 while the advance scenario still applies. Traders need to watch the support of 1.1380 after President Donald Trump declared the ceasefire between the US and Iran is over which could increase the dollar's strength, creating pressure on the market.
The outlook for USD/JPY remains constructive as a hawkish Federal Reserve, resilient US dollar, and renewed geopolitical risk.