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Silver / U.S. Dollar

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XAGUSD trade ideas

SILVER_103 2024.11.01 02:04:05 Trading Signal BUYFrankPro Signal for SILVER_103 Type: Screen Signal: BUY TP: 33.504 SL: 32.514 Entry Price: 32.712 Analysis for SILVER Forecast Overall(Short-Term, Long-Term): ST= Probably Up LT= Strong Up Forecast Methods(Short-Term, Long-Term): ST=Same LT=Up ST=Up LT=Up ST=Up LT=Up Analysis Method(0) Based on the provided data, I will perform a separate analysis for short-term and long-term expectations. **Short-term Analysis (Next 24-48 hours)** * The recent price movements show a slight correction, with silver prices extending losses for the second consecutive day, currently trading around $33.60. * However, the overall outlook remains firm due to uncertainty over the US presidential elections and potential inflationary policies. * Technical indicators, such as the 14-day RSI, remain bullish, indicating active momentum. * Support levels are plotted near $32.70, $32.50, and $31.90-$32.10, which may provide a cushion for the price. **Short-term Expectation:** The price is expected to stay the same or experience a minor correction, potentially testing the support area near $32.70. However, the overall bullish momentum may help the price to rebound and maintain its current levels. **Long-term Analysis (Next few weeks/months)** * The silver price surged to near $34.50 following weaker-than-expected US JOLTS Job Openings data, indicating a slowdown in labor demand. * The horizontal support at $32.50 and the upward-sloping 20-day EMA near $32.70 suggest more upside ahead. * The expectation for silver to recapture a fresh over 12-year high near $35.00 after breaking out of a three-day consolidation remains intact. * Economic data, including the US Q3 GDP, PCE data, NFP, and ISM Manufacturing PMI, will influence the Federal Reserve's monetary policy and, in turn, affect silver prices. **Long-term Expectation:** The price is expected to go up, potentially reaching a fresh over 12-year high near $35.00, driven by bullish technical indicators, supportive economic data, and uncertainty over the US presidential elections. Result: ST=Same LT=Up Analysis Method(1) Based on the provided analysis, here are my conclusions for the short-term and long-term outlook for the XAG/USD (silver) price: **Short-term Outlook (next few days to a week)** * The price is expected to go up, but with a slight caution. The current price is struggling to clear the $34.00 resistance level, but the RSI is in bullish territory, indicating positive momentum. * If the price breaks above $34.00, it could target the year-to-date high at $34.86 and then the October 2012 peak at $35.40. * However, there are mixed signals from various technical indicators, and some forecasts suggest that silver might attempt to test the support area near $32.70. **Long-term Outlook (weeks to months)** * The price is expected to go up. Some forecasts suggest that the XAG/USD rate could rise significantly in the coming weeks and months, with a predicted price of $38.45 by the end of the week and $41.99 in the longer term. * The overall sentiment in the XAG/USD market is estimated as bullish, with the 14-day RSI reading indicating overbought conditions. * Geopolitical instability and fears of a recession can also drive silver prices up due to its safe-haven status, supporting the long-term bullish outlook. Please note that these conclusions are based on the provided analysis and should not be considered as investment advice. The silver market can be volatile, and prices can fluctuate rapidly due to various market and economic factors. Result: ST=Up LT=Up Analysis Method(2) Based on the provided analysis, here is my assessment of the expected price movement of Silver (XAG/USD) for both short-term and long-term: **Short-term (next few days):** * The recent surge in silver prices was followed by a two-day correction, which might be a normal pullback after a strong move. * The technical analysis suggests that silver aims to recapture a fresh over 12-year high near $35.00, indicating a potential upside. * However, the upcoming US economic data releases (US Q3 GDP, PCE, NFP, and ISM Manufacturing PMI) may cause short-term volatility and potentially impact the price. * Given the current bullish momentum (14-day RSI in the 60.00-80.00 range) and the horizontal support at $32.50, I expect the price to stay around the current level ($33.60) or slightly increase in the short-term. **Expected short-term price movement:** Slightly Up or Sideways **Long-term (next few weeks/months):** * The overall market sentiment remains firm, driven by uncertainty over the US presidential elections and the potential for protectionist policies and inflation. * The expectation of former US President Donald Trump returning to power supports the demand for safe-haven assets like silver. * The technical analysis suggests a potential breakout above $35.00, which could lead to further gains. * Considering the long-term bullish trend and the supportive market sentiment, I expect the price to increase in the long-term. **Expected long-term price movement:** Up Result: ST=Up LT=Up
CAPITALCOM:SILVERLong
by orbborisson
Limited supply of silver with surging demand.Metals markets analyst Steve St. Angelo estimates that in the first half of 2024, the total weighted average cost of production among the leading silver miners rose to at least $26 per ounce. Silver prices have surged over 6%, surpassing $33.6 per ounce. This rise poses a risk of significant financial losses for five U.S. banks holding large short positions in the metal. The Commodity Futures Trading Commission (CFTC) reports that open interest in silver futures has reached 141,580 contracts, each representing 5,000 ounces. This totals about 707.9 million ounces, nearly matching a year’s global silver production, concentrated among these five banks.(Source: yahoo) so if the banks decided to cover short, then the silver will explode. Green energy means more silver demand. Europe expects to install 260 GW of new wind power capacity over 2024-2030. The EU-27 should install 200 GW of this – 29 GW a year on average. (Source: Windeurope) which will have 50% more capacity in 2023, and the demand for silver will continue to rise since atypical wind turbines may contain around 0.5 to 1 kilogram (500 to 1,000 grams) of silver for its electrical components, including brushes and other conductive parts. EVs mean more silver demand. Average vehicle silver loadings, estimated at 15-28 grams (g) per internal combustion engine (ICE) light vehicle, have risen over the past few decades. Silver use is higher in hybrid cars at around 18-34g per light vehicle, while battery electric vehicles (BEVs) are believed to consume 25-50g of silver per vehicle. It is estimated that nearly 90 million ounces (Moz) of silver will be absorbed annually into the automotive industry by 2025. Technical a round bottom, looking for silver to test 50 and likely surpass the resistance.
OANDA:XAGUSDLong
by bruceyam
SILVER Will Go Lower! Short! Please, check our technical outlook for SILVER. Time Frame: 2h Current Trend: Bearish Sentiment: Overbought (based on 7-period RSI) Forecast: Bearish The market is on a crucial zone of supply 34.071. The above-mentioned technicals clearly indicate the dominance of sellers on the market. I recommend shorting the instrument, aiming at 33.443 level. P.S The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce. Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news. Like and subscribe and comment my ideas if you enjoy them!
FX:XAGUSDShort
by SignalProvider
1
Silver H1 | Potential bearish reversalSilver (XAG/USD) is rising towards a swing-high resistance and could potentially reverse off this level to drop lower. Sell entry is at 34.23 which is a swing-high resistance. Stop loss is at 34.72 which is a level that sits above the 127.2% Fibonacci extension level and a pullback resistance. Take profit is at 33.16 which is a swing-low support. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third-party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
FX:XAGUSDShort
by FXCM
2