By NewsBlogger Silver prices are trading near weekly lows at $30.30, showing a 0.59% increase due to softer US Durable Goods data and improved American consumer sentiment, with the XAG/USD pair exhibiting an upward bias and resistance at $30.97.
At a glance
- Silver prices are currently trading near weekly lows of $30.00, with a 0.59% increase to $30.30.
- The price rise resulted from softer-than-expected US Durable Goods data and improved American consumer sentiment.
- The XAG/USD pair is showing an upward bias, with the RSI being bullish and aiming higher.
- The first resistance level for XAG/USD is at $30.97, with support levels at $30.00, $29.79, $29.00, $28.74, and $28.28.
- US economic outlook improving, with Manufacturing and Services PMI surpassing previous readings, and US Dollar Index showing strength near 105.00.
The details
Silver prices are currently trading near weekly lows of $30.00, with the current price at $30.30, representing a 0.59% increase.
This rise in price can be attributed to the boost provided by softer-than-expected US Durable Goods data.
Additionally, there has been an improvement in American consumer sentiment, further contributing to the positive outlook for silver prices.
The XAG/USD pair
is showing an upward bias, with the Relative Strength Index (RSI) remaining bullish and aiming higher.
The first resistance level for XAG/USD is at $30.97, and any further upside movement could potentially pave the way for more gains in the future.
On the downside, support for XAG/USD is currently at $30.00, with additional support levels at $29.79, $29.00, $28.74, and $28.28.
In the European session
silver prices found temporary support near the $30.00 mark, as investors remain uncertain about the outlook for silver prices due to concerns surrounding Fed policy normalization.
The CME FedWatch tool indicates a reduced probability of rate cuts in September, driven by hawkish Fed commentary and an optimistic US economic outlook.
Fed officials have emphasized the need to maintain interest rates until there is evidence of sustainable inflation returning.
The US economic outlook has shown signs of improvement, with both Manufacturing and Services PMI surpassing previous readings.
Notably, Chris Williamson has commented on the acceleration of the US economic upturn in May.
The US Dollar Index has exhibited strength near 105.00, influenced by the Fed’s stance on interest rates and the positive prospects for the US economy.
Investors are closely monitoring US Durable Goods Orders data for April, with fresh orders estimated to have declined by 0.8%.
Following a peak at $32.51 on May 19, silver prices have corrected back and are approaching a significant support level at $30.00. Despite this correction, the short-term trend for silver remains bullish, favoring long positions over shorts.
In the event of a further pullback, silver may find additional support at $30.00 before rebounding and resuming its uptrend.
However, there are currently no clear indications from price action that this rebound is imminent.
A decisive break below $30.00 would cast doubt on the dominant uptrend, potentially signaled by a long red candlestick closing near its lows or a consecutive series of three red candlesticks.
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| fxstreet.com |
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| – Silver prices are near weekly lows of $30.00 – Prices are currently at $30.30, up 0.59% – The metal was boosted by softer-than-expected US Durable Goods data – American consumer sentiment has improved – The XAG/USD is upward biased – The RSI remains bullish and aiming up – First resistance for XAG/USD is at $30.97 – Further upside could pave the way for more gains – Support for XAG/USD is at $30.00 – Additional support levels include $29.79, $29.00, $28.74, and $28.28 |
| fxstreet.com |
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| – Silver price finds temporary support near $30.00 in European session – Investors uncertain about Silver price outlook due to Fed policy normalization concerns – CME FedWatch tool shows reduced probability of rate cuts in September – Hawkish Fed commentary and upbeat US economic outlook contribute to reduced rate-cut bets – Fed officials communicating need to maintain interest rates until evidence of sustainable inflation return – US economic outlook improves with Manufacturing and Services PMI beating prior readings – Chris Williamson comments on US economic upturn accelerating in May – US Dollar Index shows strength near 105.00 due to Fed’s stance on interest rates and US economic prospects – Investors to focus on US Durable Goods Orders data for April – Fresh orders for Durable Goods estimated to have declined by 0.8% |
| fxstreet.com |
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| – Silver corrected back after peaking at $32.51 on May 19 – Silver is close to a major support level at $30.00 – Short-term trend is still likely bullish – Long positions are favored over shorts – If Silver pulls back lower, it may find support at $30.00 – Silver is likely to rebound and resume its uptrend – There are no signs yet from price action that this is happening – A decisive break below $30.00 would bring the dominant uptrend into doubt – A decisive break would be accompanied by a long red candlestick closing near its lows or three red candlesticks in a row |
