XAG/USD: the price develops a strong "bearish" momentum
Current trend
During the Asian session, silver prices are declining, building on the strong "bearish" momentum formed a week ago, when the XAG/USD pair was near its all-time highs since June 2021.
At the end of February, Russian President Vladimir Putin initiated a special military operation on the territory of Ukraine, after which large-scale anti-Russian sanctions were introduced, and in Europe, there was a record increase in gas and oil prices. Now the situation has somewhat stabilized: although the special operation continues, investors hope that soon Russian-Ukrainian negotiations will halt hostilities and decrease the degree of global geopolitical tension.
Additional pressure on the quotes of the instrument is exerted by the expectations of the decision of the US Federal Reserve on monetary policy issues. Interest rates are forecast to rise by 25 basis points today, kicking off a cycle of national monetary policy adjustments. A subsequent press conference by Regulator Chairman Jerome Powell is likely to raise the issue of the impact of the military conflict on the US economy.
Support and resistance
On the daily chart, Bollinger bands are growing moderately. The price range is actively narrowing from above, reflecting the ambiguous nature of trading in the short term. The MACD indicator is falling, keeping a strong sell signal (the histogram is below the signal line). Stochastic shows a similar downward trend but is currently close to its lows, indicating that silver may become oversold in the nearest time intervals.
Resistance levels: 25.00, 25.28, 25.58, 26.00.
Support levels: 24.67, 24.37, 24.00, 23.60.
During the Asian session, silver prices are declining, building on the strong "bearish" momentum formed a week ago, when the XAG/USD pair was near its all-time highs since June 2021.
At the end of February, Russian President Vladimir Putin initiated a special military operation on the territory of Ukraine, after which large-scale anti-Russian sanctions were introduced, and in Europe, there was a record increase in gas and oil prices. Now the situation has somewhat stabilized: although the special operation continues, investors hope that soon Russian-Ukrainian negotiations will halt hostilities and decrease the degree of global geopolitical tension.
Additional pressure on the quotes of the instrument is exerted by the expectations of the decision of the US Federal Reserve on monetary policy issues. Interest rates are forecast to rise by 25 basis points today, kicking off a cycle of national monetary policy adjustments. A subsequent press conference by Regulator Chairman Jerome Powell is likely to raise the issue of the impact of the military conflict on the US economy.
Support and resistance
On the daily chart, Bollinger bands are growing moderately. The price range is actively narrowing from above, reflecting the ambiguous nature of trading in the short term. The MACD indicator is falling, keeping a strong sell signal (the histogram is below the signal line). Stochastic shows a similar downward trend but is currently close to its lows, indicating that silver may become oversold in the nearest time intervals.
Resistance levels: 25.00, 25.28, 25.58, 26.00.
Support levels: 24.67, 24.37, 24.00, 23.60.
Penafian
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