International News
Silver slips after strong rally, bears eye $34
US spot silver reached a five-month high of $34.58 before experiencing a significant pullback towards the $34.00 level. This suggests profit-taking by traders and a reduction in exposure ahead of potentially volatile US macroeconomic releases.
The price action indicates a breach of the initial support level at $34.23, the March 18 peak. This breach signals potential for further downward momentum.Traders are exhibiting caution, likely due to the anticipation of upcoming US economic data, which could significantly impact the US Dollar and, consequently, the price of silver.
Key Support and Resistance Levels:Support: $34.23 (breached), $33.51 (March 26 daily low), $33.00.Resistance: $34.25, $34.58 (YTD high), $35.00.
The recent price action suggests a shift in short-term momentum from bullish to bearish.A daily close below $34.23 is a critical indicator of potential further downside.The next support levels at $33.51 and $33.00 are crucial for determining the extent of the pullback.Conversely, if XAG/USD manages to hold above $34.25, it could signal a resumption of the bullish trend, with the YTD high of $34.58 and the $35.00 level as potential targets.
US Macroeconomic Data: Upcoming US economic releases will be a significant driver of XAG/USD price action. These releases will influence the strength of the US Dollar, which has an inverse relationship with silver prices.Trader Positioning: The recent pullback suggests traders are unwinding long positions and reducing risk exposure.
Gold Price Correlation: Silver often exhibits a strong correlation with gold prices. Movements in gold will likely influence XAG/USD.Global Economic Uncertainty: Ongoing global economic uncertainty, including geopolitical tensions, can drive safe-haven demand for precious metals like silver.
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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