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31 May 2024

Silver Price Analysis: Oscillating within an uptrend

  • Silver is consolidating within a short-term uptrend. 
  • The odds favor an eventual resumption of the bullish trend to the next upside target.
  • Heavy-duty support at around $30.00 could provide a springboard for reversal higher. 

Silver (XAG/USD) is consolidating within a short-term uptrend. Although it is currently pulling back it will probably find support and eventually resume its uptrend. 

Silver 4-hour Chart 

Despite recent oscillations between the $32s and $30s Silver’s overall short-term bias is bullish and given the saying “the trend is your friend” this favors long positions over shorts. 

That said, in the very near term Silver could pull back down to support at around the $30.00 level – the highs of a four-year-long consolidation range.   

Silver will probably recover eventually and climb back up to retouch the $32.51 high. If it surpasses that, it is likely to stretch up to the next target at $35.30 (October 2012 high). 

It would require a decisive break below the $30.00 level to bring into doubt the dominant uptrend.

A decisive break would be one accompanied by a long red candlestick that closed near its lows or three red candlesticks in a row. 

 

May 31, 2024

Mexican Peso steadies ahead of US PCE data, presidential election

The Mexican Peso (MXN) trades mixed in its most heavily traded pairs on Friday as market sentiment stabilizes ahead of key event risk.
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May 31, 2024

US Dollar trades broadly flat ahead of PCE inflation data

The US Dollar (USD) trades broadly flat on Friday after it got put back to square one on Thursday amid another round of weak economic data Another red housing data point together with a softer reading on nearly all fronts in the second US Gross Domestic Product reading for the first quarter was enough to weaken the Greenback back to levels seen at the start of the week.
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