TODAY XAGUSD SIGNAL 11-03-2022 : Silver Price Forecast XAGUSD bounces from weekly lows towards $26.00 on risk-off sentiment


TODAY XAGUSD SIGNAL : Silver Price Forecast XAGUSD bounces from weekly lows towards $26.00 on risk-off sentiment

  • Silver weekly gains took a hit, after being up 6.50%, now sitting at 0.87%.
  • Risk-aversion in the financial markets dented the prospects for precious metals appetite.
  • XAG/USD Price Forecast: It is upward biased despite retracing to weekly lows.

TODAY XAGUSD SIGNAL : Silver XAG/USD bulls regained control late in the North American session, after reaching the 50% Fibonacci level around $25.31, also the day’s low. However, they staged a comeback and lifted the price of the white metal near the $26.00 mark. At the time of writing, XAG/USD is trading at $25.92.

Risk-aversion in the financial markets got back on Thursday. Russia-Ukraine discussions in Turkey failed to deliver some relief to investors, as talks did not advance regarding truce or ceasefire. Meanwhile, the US inflation figures showed that February’s headline Consumer Price Index rose by 7.95% y/y in line with expectations, while the so-called core CPI expanded by 6.4% y/y as foreseen.

Later in the day, US Initial Jobless Claims for the week ending on March 5 rose to 227K from 217K estimated.

The US Dollar Index, a gauge of the greenback’s value against a basket of its rivals, advanced some 0.56% during the day, sitting at 98.555, a headwind for the white metal.

TODAY XAGUSD SIGNAL : In the overnight session, XAG/USD fell under $26.00, reaching a daily low near the 200-hour simple moving average (SMA) around $25.27, afterward rose to the $26.00 mark, which also confluences with August’s 2021 monthly high.

XAG/USD Price Forecast: Technical outlook

XAG/USD bias is upwards, though Thursday’s price action illustrates that silver bulls took a breather as they prepare to reclaim the $26.00 mark, which is the first resistance level at press time. Once cleared, the next stop would be $26.45 July 16, 2021 high, followed by July 5, 2021, daily high at $26.77, and then the $27.00 psychological area.

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