Despite platinum price attempt to face the negative pressures, the frequent consolidation below 983.00$ will increase the chances of activating the correctional bearish track on the near-term basis, to expect suffering more losses by crawling towards 950.00$
On the other hand, succeeding to jump above 983.00$ and providing positive close will allow the price to form some bullish waves, to achieve more gains by rallying towards 1000.00$ followed by reaching 61.8% Fibonacci correction level at 1017.00$.
The expected trading range for today is between 950.00$ and 983.00$
Silver retreats to $32.54 after failing to hold above key $33.00 level.
RSI signals mixed momentum, with downside risks if $32.00 support breaks.
Next resistance at $33.20, while key support lies at 100-day SMA near $31.12.
Silver’s price retreats on Friday and fails to capitalize on falling US yields. According to the 10-year T-note, yields tumbled almost eight basis points to 4.431% at the time of writing. The XAG/USD trades at $32.54, down 1.20%.
XAG/USD Price Forecast: Technical outlook
XAG/USD’s uptrend remains in place, but failure to end the day/week above $33.00 exacerbated Silver’s plunge. Bullish momentum has faded, as depicted by a Relative Strength Index (RSI), which gives mixed signals. The RSI is bullish, but the slope is aiming downwards.
Buyers must clear the February 20 high at $33.20 for a bullish continuation. Once done, further upside Is seen, with the next resistance being the February 14 peak at $33.39 ahead of the $34.00 figure.
Conversely, if XAG/USD drops below $32.00, this would exert downward pressure on the precious metal. the first support would be the 100-day Simple Moving Average (SM) at 31.12, followed by the 50-day SMA and the 200-day SMA, each at 30.70 and 30.46.
XAG/USD Price Chart – Daily
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Crude oil price continued to rise yesterday to reach 72.65$ areas, noting that holding above 72.30$ supports the chances of continuing the rise in the upcoming sessions, by when we take a deeper look at the chart, we find that the recent trades are confined within rising wedge pattern that its support line meets 72.30$, which means that breaking this level will push the price to return to the bearish track again.
Silver retreats to $32.54 after failing to hold above key $33.00 level.
RSI signals mixed momentum, with downside risks if $32.00 support breaks.
Next resistance at $33.20, while key support lies at 100-day SMA near $31.12.
Silver’s price retreats on Friday and fails to capitalize on falling US yields. According to the 10-year T-note, yields tumbled almost eight basis points to 4.431% at the time of writing. The XAG/USD trades at $32.54, down 1.20%.
XAG/USD Price Forecast: Technical outlook
XAG/USD’s uptrend remains in place, but failure to end the day/week above $33.00 exacerbated Silver’s plunge. Bullish momentum has faded, as depicted by a Relative Strength Index (RSI), which gives mixed signals. The RSI is bullish, but the slope is aiming downwards.
Buyers must clear the February 20 high at $33.20 for a bullish continuation. Once done, further upside Is seen, with the next resistance being the February 14 peak at $33.39 ahead of the $34.00 figure.
Conversely, if XAG/USD drops below $32.00, this would exert downward pressure on the precious metal. the first support would be the 100-day Simple Moving Average (SM) at 31.12, followed by the 50-day SMA and the 200-day SMA, each at 30.70 and 30.46.
XAG/USD Price Chart – Daily
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Although it is not surprising to see another attempt to go to new highs a subsequent intraday selloff puts natural gas at risk of ending the day with a bearish shooting star candlestick pattern. Even though it is a bearish pattern inside an inside day pattern, it shows sellers dominating. The shooting star is typically a stronger bearish indication if it occurs at the top of an uptrend. That would have been yesterday. Nonetheless, in this case the bearish one-day candle follows a bearish candle from Thursday.
Resistance Continues to Hold
Resistance has been seen around a logical price resistance zone marked by a top parallel rising trend channel line. A bullish breakout above the line and therefore the channel was last attempted on January 13, the prior trend high. That new high day also ended the day in a decisive bearish position. Even though there could be more upside before the current advance is complete, the combination of the channel line pattern and the bearish response indicate that the chance of a bearish pullback of some degree is more likely now.
Bearish Below $4.15
A bearish signal will be indicated on a drop below today’s low of $4.15. Yesterday’s low of $4.03 along with the 50% retracement of an internal uptrend at $4.02 is the next potential support area. However, there is confluence of two Fibonacci retracement levels at $3.98, which may make it a more likely target for a minimum pullback. Further down is a possible support zone from $3.75 to $3.73. The behavior around the internal thin uptrend line showing near-term dynamic support should also provide clues as to changes in support and demand. If a deeper pullback does occur, a minimum test of support around that trendline seems likely.
For a look at all of today’s economic events, check out our economic calendar.
The British pound has broken significantly below the 190 yen level and then broke significantly lower than that.
That being said, the market has turned around to show signs of somewhat resilient behavior.
If we can turn around and break above the 190 yen level, I think that could be a fairly decent sign of bullish pressure.
If we can break above there, then the market could go looking for the 50-day EMA, possibly even the 200-day EMA after that. If we break down below the bottom of the candlestick, then the market could drop to the 187 yen level and then possibly the 185 Yen level. These are a few of the important levels I will be watching if we do drop from here.Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Support Sitting BelowThe 185 Yen level is an area that has been important multiple times as support. So, I think you have to pay close attention to it if we do drop from there. But really at this point in time, I think you’ve got a situation where we are starting to see a little bit of value come into the picture. And despite the fact that the Bank of Japan is suggesting that they are going to lift rates later this year. The reality is that the interest rate differential will continue to be huge between these two currencies and you do get paid to hold British pounds against the yen. The yen has been a bit of a juggernaut as of late, but I don’t know if this is a longer term trade. I think given enough in the meantime, though, we’re trying to get our footing, and it is going to be quite noisy. This is fairly common for this pair, and therefore we should be cautious about our position sizing in this market going forward.EURUSD Chart by TradingViewBegin trading our daily forecasts and analysis . Here is a list of Forex brokers in Japan to work with.
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Important DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party’s services, and does not assume responsibility for your use of any such third party’s website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.Risk DisclaimersThis website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
During the trading session on Thursday, we have seen the Euro rallied quite significantly against the US dollar, as it looks like we are going to head toward the 1.05 level yet again.
The 1.05 level is an area that is a large, round, psychologically significant figure, and of course we have seen this area tested a couple of times.
At this point in time I think it is going to be very difficult to break through, mainly because there’s so much congestion all the way to the 1.06 level.
Technical AnalysisTop Forex Brokers1 Get Started 74% of retail CFD accounts lose money The technical analysis for this EUR/USD pair of course is pretty significant to look at, as the market is at the top of a consolidation range. Quite frankly, this is a market that I think will be looking to see whether or not the US dollar can finally soften, because quite frankly it’s like a wrecking ball to risk appetite. That being said, Germany and France exiting a recession is what most people are starting to price in, so to be interesting to see how that plays out.Recently, we seen interest rates in the United States drift a little bit lower, and that’s part of what’s going on, but the same time we are starting to see people think that perhaps there won’t be as big of a trade war as once anticipated. It’ll be interesting to see if that actually ends up being the case, it looks beyond is here: Donald Trump could write this train by putting out a tweet. I have gotten several emails from newer traders who have no idea how to deal with Trump 2.0, which is going to be challenging under the best of circumstances.EURUSD Chart by TradingViewAs things stand right now, we are simply at the top of a consolidation area and not waiting to see whether or not the euro can break out. I think it’s going to be a struggle, or at least at this moment. However, once we get above the 1.06 level I think the trend will change permanently.Ready to trade our EUR/USD analysis and predictions ? Here are the best European brokers to choose from
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Silver price faces pressure above $33 as Fed policymakers see interest rates remaining in the current range of 4.25%-4.50%.
Fed officials struggle to gauge the impact of Trump’s economic agenda on the economy.
The broader outlook of the Silver price remains firm amid Trump’s tariff agenda.
Silver price (XAG/USD) faces selling pressure above the key level of $33.00 in North American trading hours on Friday. The white metal drops as the US Dollar (USD) gains, with Federal Reserve (Fed) officials continuing to guide a restrictive monetary policy stance. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, advances to near 106.75.
On Thursday, Fed Governor Adriana Kugler said that the central bank should keep borrowing rates “in place” for “some time,” noting the net effect of new economic policies by United States (US) President Donald Trump is “highly uncertain” and will depend on the “specifics.”
The scenario of the Fed maintaining a restrictive interest rate stance bodes poorly for precious metals such as Silver price.
Meanwhile, fears of President Trump’s tariff agenda would keep the Silver price on the frontfoot. On Thursday, Trump announced that he could impose tariffs on lumber and forest products, cars, pharmaceuticals, and semiconductors over the next month or sooner. Market participants expect Trump’s tariff agenda will lead to a global economic slowdown.
Investors are also focusing on development in Russia-US talks to end the war in Ukraine. This week, Donald Trump agreed to hold more talks with Russian leader Vladimir Putin for negotiations to have a truce with Ukraine. A positive outcome from peace talks would weaken the safe-haven appeal of the Silver price.
Silver technical analysis
Silver price aims to revisit an over three-month high of $33.40, which it posted on February 14. The outlook of the white metal is bullish as the 50-day Exponential Moving Average (EMA) has been sloping higher, which trades around $31.33.
The 14-day Relative Strength Index (RSI) oscillates in the 60.00-80.00 range, suggesting that the momentum is strongly bullish.
Looking down, the upward-sloping trendline from the August 8 low of $26.45 will act as key support for the Silver price around $30.00. While, the October 22 high of $34.87 will be the key barrier.
Silver daily chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices.
Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
GBP/USD climbed to its highest level in two months above 1.2650 on Friday.
Mixed macroeconomic data releases from the UK limit the pair’s upside.
The US economic calendar will feature preliminary PMI reports for February.
GBP/USD corrects lower and trades near the 1.2650 area in the European session on Friday, after having set a new two-month high at 1.2678 earlier in the day. Despite the recent pullback, the pair’s technical outlook suggests that the bullish bias remains intact.
British Pound PRICE This week
The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the strongest against the Canadian Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
0.17%
-0.48%
-1.25%
0.09%
-0.55%
-0.65%
-0.13%
EUR
-0.17%
-0.49%
-1.45%
0.02%
-0.64%
-0.72%
-0.20%
GBP
0.48%
0.49%
-0.86%
0.52%
-0.09%
-0.23%
0.29%
JPY
1.25%
1.45%
0.86%
1.36%
0.73%
0.81%
1.09%
CAD
-0.09%
-0.02%
-0.52%
-1.36%
-0.62%
-0.74%
-0.22%
AUD
0.55%
0.64%
0.09%
-0.73%
0.62%
-0.09%
0.44%
NZD
0.65%
0.72%
0.23%
-0.81%
0.74%
0.09%
0.52%
CHF
0.13%
0.20%
-0.29%
-1.09%
0.22%
-0.44%
-0.52%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
On Thursday, the broad-based selling pressure surrounding the US Dollar (USD) helped GBP/USD push higher. Disappointing Jobless Claims data and falling US Treasury bond yields weighed on the USD.
The UK’s Office for National Statistics (ONS) reported early Friday that Retail Sales rose by 1.7% on a monthly basis in January. This reading followed the 0.6% decline recorded in December and came in better than the market expectation for an increase of 0.3%.
Other data from the UK showed that the S&P Global/CIPS Manufacturing PMI dropped to 46.4 in early February, suggesting that the business activity in the manufacturing sector contracted at an accelerating pace. On a positive note, the Services PMI improved to 51.1 from 50.9 in January. Nevertheless, these mixed data releases seem to be making it difficult for Pound Sterling to preserve its strength.
S&P Global will release the Manufacturing and Services PMI reports for the US later in the day. If either of the headline PMIs unexpectedly come in below 50 and point to a contraction, the initial market reaction could force the USD to come under renewed selling pressure and open the door for a leg higher in GBP/USD.
GBP/USD Technical Analysis
The Relative Strength Index (RSI) indicator on the 4-hour chart retreats toward 60 after rising slightly above 70 on Thursday, suggesting that the bullish bias remains intact following a technical correction.
GBP/USD faces a pivot level at 1.2650 (Fibonacci 78.6% retracement of the latest uptrend). If the pair manages to stabilize above this level and confirms it as support, 1.2700-1.2710 (round level, static level) could be seen as next resistance before 1.2750 (static level).
On the downside, 1.2600 (round level, static level) aligns as first support ahead of 1.2530 (Fibonacci 61.8% retracement) and 1.2500 (round level, static level).
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE).
The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects.
Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall.
Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
