Coffee price confirmed getting rid of the domination of the correctional bearish bias after touching 366.00 level, as the major indicators provided the positive momentum, to notice rallying above 382.50$ barrier recently and achieving some gains by reaching 400.70.
These factors allow us to continuing the bullish overview, to expect attacking 411.00 level soon, to form intraday obstacle against the bullish trades, while surpassing it will push the price to achieve additional gains by moving towards 422.00 followed by reaching the historical high at 440.45.
The expected trading range for today is between 392.00 and 411.00
Gold price shows new positive trades, and by taking a deeper look at the chart, we find that the price stops now at the neckline of the inverted head and shoulders’ pattern that appears on the chart, which means that surpassing the current areas will push the price to rise strongly and achieve our next positive target at 2956.90$ direct.
To get our more detailed analysis and 100% accurate signals provided by Best Trading Signal, subscribe to Economies.com VIP Club through the link below!
Coffee price confirmed getting rid of the domination of the correctional bearish bias after touching 366.00 level, as the major indicators provided the positive momentum, to notice rallying above 382.50$ barrier recently and achieving some gains by reaching 400.70.
These factors allow us to continuing the bullish overview, to expect attacking 411.00 level soon, to form intraday obstacle against the bullish trades, while surpassing it will push the price to achieve additional gains by moving towards 422.00 followed by reaching the historical high at 440.45.
The expected trading range for today is between 392.00 and 411.00
Natural gas price formed many bullish waves, taking advantage of its consolidation within the minor bullish channel, to notice recording new positive target by reaching 4.560$ followed by forming intraday rebound towards 4.320$ in order to gather the positive momentum again.
We will depend on the stability of 3.980$ support line, noting that the positive momentum coming by the major indicators will support the chances of confirming breaching 4.500$ barrier followed by starting to target new positive stations by rallying towards 4.760$ followed by reaching the bullish channel’s resistance line at 4.960$.
The expected trading range for today is between 4.200$ and 4.760$
Silver price extends the rally to near $32.15 in Wednesday’s early European session, up 0.90% on the day.
The positive view of Silver prevails above the key 100-day EMA with the bullish RSI indicator.
The immediate resistance level emerges at the $33.00-$33.05 region; the key support level to watch is in the $31.15-$31.00 zone.
Silver price (XAG/USD) extends its upside to around $32.15 during the early European session on Tuesday. The white metal edges higher amid uncertainty and trade war worries, which boost the safe-haven demand.
Technically, the bullish trend of Silver remains in play as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 55.00, displaying bullish momentum in the near term.
The first upside target for white metal emerges at the $33.00-$33.05 region, representing the psychological level and the upper boundary of the Bollinger Band. Extended gains could see a rally to $33.40, the high of February 14. The additional upside filter to watch is 34.55, the high of October 29, 2024.
On the other hand, the confluence of the round figure, the lower limit of the Bollinger Band, and the 100-day EMA in the $31.15-$31.00 zone act as key support levels for XAG/USD. Sustained trading below the mentioned level could see a drop to the next contention level at $29.52, the low of January 25.
Silver price (XAG/USD) 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.
Coffee price confirmed getting rid of the domination of the correctional bearish bias after touching 366.00 level, as the major indicators provided the positive momentum, to notice rallying above 382.50$ barrier recently and achieving some gains by reaching 400.70.
These factors allow us to continuing the bullish overview, to expect attacking 411.00 level soon, to form intraday obstacle against the bullish trades, while surpassing it will push the price to achieve additional gains by moving towards 422.00 followed by reaching the historical high at 440.45.
The expected trading range for today is between 392.00 and 411.00
Crude oil price approached the key resistance 68.70$, noticing that the price begins to rebound bearishly by today’s open, to support the chances of continuing the overall bearish trend, waiting to break 67.05$ to confirm opening the way to head towards the next negative target that extends to 65.50$.
To get our more detailed analysis and 100% accurate signals provided by Best Trading Signal, subscribe to Economies.com VIP Club through the link below!
An upside breakout would signal a breakout of the rising parallel channel that shows some degree of symmetry within the price structure of the uptrend. Caution is warranted as there is a strong risk of a false breakout. Nonetheless, the next higher target zone is from around $4.70 to $4.72, derived from two extended Fibonacci levels. A little higher is a potential significant target zone as it would complete a 38.2% Fibonacci retracement of the full decline that began following the $10.03 peak in 2022. The 38.2% level is at $4.77.
Bullish Monthly Signal
Today’s rally triggered a bull trend continuation signal on the monthly chart (not shown) as last month’s high of $4.78 was exceeded. A daily close above that high will provide some confirmation of strength indicated by the upside breakout. Moreover, notice the pullback to a new retracement low of $3.74 on Monday that occurred before buyers stepped in and took back control.
A decisive bull breakout of a small wedge followed, and the day ended in a strong position near the highs of the day. Can demand remain strong enough for a breakout through the top of the channel? Possibly. But it may then quickly run out of bullish momentum. However, it will depend on whether it occurs before a minor pullback or not.
Slingshot Setup
The initial decline yesterday that occurred before a sharp rally was a clue that bullish momentum could accelerate. There was a confluence of several indicators around that price area, including the 50-Day MA, 20-Day MA, and 50% retracement. When multiple indicators point to a similar price it tends to be significant.
For a look at all of today’s economic events, check out our economic calendar.
Silver gains some positive traction for the second straight day, though it lacks follow-through.
The technical setup warrants some caution for bulls and positioning for further appreciation.
Bears might wait for a convincing break below the 100-day EMA before placing fresh bets.
Silver (XAG/USD) attracts buyers for the second straight day on Tuesday and moves further away from a nearly four-week low, around the $30.85-$30.80 region touched last Friday. The white metal climbs to the $31.80-$31.85 region during the first half of the European session, back closer to the overnight swing high, and seems poised to appreciate further.
From a technical perspective, the XAG/USD showed some resilience below the 100-day Exponential Moving Average (EMA) last Friday. The subsequent move up validates the near-term constructive outlook for the commodity. That said, oscillators on the daily chart are yet to confirm a positive bias and warrant some caution before positioning for any further appreciation.
Hence, any further move up is likely to confront some resistance near the $31.65 region ahead of the $32.00 mark. Some follow-through buying beyond the latter could trigger a short-covering rally and lift the XAG/USD to the $32.40-$32.45 hurdle. Bulls might then aim to surpass the $33.00 round-figure mark and test the February monthly swing high, around the $33.40 area.
On the flip side, the daily trough, around mid-$31.00s, now seems to protect the immediate downside ahead of the $31.20 area and the $31.00 mark. The latter coincides with the 100-day EMA pivotal support, which if broken decisively will be seen as a key trigger for bearish traders and make the XAG/USD vulnerable to accelerate the fall towards the $30.25 support zone.
The downward trajectory could extend further toward the $30.00 psychological mark en route to the $29.55-$29.50 horizontal support. The XAG/USD could eventually drop to the $29.00 round figure and December 2024 swing low, around the $28.80-$28.75 area.
XAG/USD 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.
Adobe’s stock price (ADBE) edged higher in the intraday levels while trying to recoup some recent losses, as it vented off oversold saturation in the RSI, while still suffering negative from trading below the 50-day SMA, amid the dominance of the main downward trend in the medium term, while trading alongside the secondary short-term trend line.
Therefore we expect the stock to return lower, targeting the support of $403.75, provided the resistance of $465.70 holds on.
