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Silver/US Dollar Technical Analysis - Silver/US Dollar Trading: 2022-10-05
Silver Technical Analysis Summary
Above 21,1
Buy Stop
Below 17,7
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Buy |
Silver Chart Analysis
Silver Technical Analysis
On the daily timeframe, XAGUSD: D1 came out of the downtrend up. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if XAGUSD: D1 rises above the last high and upper Bollinger band: 21.1. This level can be used as an entry point. The initial risk limit is possible below the last down fractal, the Parabolic signal and the lower Bollinger band: 17.7. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (17.7) without activating the order (21.1), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Precious Metals - Silver
Precious metals rise in price against the backdrop of a weakening US dollar. Will the XAGUSD quotes continue to rise?
Investors often consider precious metals as an alternative to dollar assets. From its 20-year high set last week, the US dollar index fell 4%. This is relatively large for the foreign exchange market. The main negative was the decrease in the yield of 10-year Treasury to 3.6% per annum from 4% per annum. On October 7, the labor market review (United States Nonfarm Payrolls) for September will be released, which may affect the dynamics of the dollar. The next Fed meeting will not be soon - November 2, 2022. Note that according to the Silver Institute, the global deficit of silver in 2022 may reach a record level of 71.5 million ounces. The main increase in demand may occur in industries such as electronics and photovoltaics.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
