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2 Feb 2022

Silver Price Analysis: XAG/USD consolidates above mid-$22.00s, remains vulnerable

  • Silver remained confined in a narrow trading range heading into the European session on Wednesday.
  • The price action favours bearish traders and supports prospects for an extension of the recent decline.
  • Sustained strength beyond the $23.00 round figure is needed to negate the near-term bearish outlook.

Silver struggled to gain any meaningful traction on Wednesday and oscillated in a narrow trading band, just above mid-$22.00s heading into the European session.

Given the previous day's rejection slide from the $23.00 mark, the lack of buying interest favours bearish traders and supports prospects for the resumption of a two-week-old descending trend. The negative bias is reinforced by the fact that technical indicators are holding deep in the bearish territory on 4-hour/daily charts.

Some follow-through selling below the $22.50 area will reaffirm the outlook and drag the XAG/USD back towards last week's swing high, around the $22.15 region. This is closely followed by the $22.00 mark, which if broken decisively should pave the way for a slide towards challenging the double-bottom support, around the $21.40 zone.

On the flip side, the $23.00 mark might continue to act as an immediate strong resistance ahead of the $23.35-$23.40 region. Sustained strength beyond will negate the bearish outlook and prompt some technical buying. This should allow the XAG/USD to surpass the $24.00 mark and climb further towards the YTD high, around the $24.70 region.

Silver 1-hour chart

fxsoriginal

Technical levels to watch

 

Feb 2, 2022

Forex Today: Dollar sell-off loses steam ahead of EU inflation, ADP employment data

Here is what you need to know on Wednesday, February 2: The greenback continued to weaken against its rivals on Tuesday and the US Dollar Index (DXY)
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Feb 2, 2022

FX option expiries for February 2 NY cut

FX option expiries for February 2 NY cut at 10:00 Eastern Time, via DTCC, can be found below. - EUR/USD: EUR amounts 1.1200 596m 1.1240 1.3b 1.1300 35
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