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Silver Price Analysis: XAG/USD soars by more than 2% to close the week

September 16, 2023
in Business
Silver Price Analysis: XAG/USD soars by more than 2% to close the week
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XAG/USD advanced by 2.20% to $23.20.
The USD is trading somewhat soft on Friday ahead of the weekend.
US yields and tightening expectations remain steady. 
Michigan Consumer Sentiment from September declined to 67.7.

At the end of the week, the XAG/USD Silver Spot price gained significant demand and increased to $23.15. On the US Dollar side, it’s consolidating, but its DXY index continues to trade at multi-month highs. Attention is now set on the Federal Reserve (Fed) decision next week, and markets remaining cautious seem to benefit the grey metal.

According to the CME FedWatch tool, a pause is practically priced in, but investors bets on the November and December meetings determine the Greenback’s price dynamics. Fundamentally, Fed officials have the green light to hike on more time as the economy hasn’t cooled down, and Chair Powell stated that ongoing decisions will be carefully decided according to the incoming data. So far, inflation accelerated in August, and economic activity is holding firm, so the Fed may have one more hike up their sleeves.

On the data front, the University of Michigan reported that September’s Consumer Sentiment Index declined to 67.7, lower than the expected and previous figures of 69.1 and 69.5, respectively. The initial reaction was a decline in the DXY index from 105.30 to 105.15. US Treasury yields on the 2,5 and 10-year bonds are holding firm at 5.03%, 4.40% and 4.30%, cushioning the Greenback’s losses and limiting the XAG/USD’s potential.

XAG/USD Levels to watch 

 Analysing the daily chart, it is apparent that the XAG/USD has a neutral to bullish technical stance, with the bulls gradually recovering ground. The Relative Strength Index (RSI) displays an ascending slope in the bearish territory, hinting at a potential trend reversal, while the Moving Average Convergence (MACD) exhibits decreasing red bars. However, the price is below the 20,100 and 200-day Simple Moving Averages (SMAs), suggesting that the buyers are struggling to overcome the overall bearish trend and the bears are still in charge.

 Support levels: $23.00, $22.90, $22.70. 

 Resistance levels: $23.30-70 (20,100,200-day SMA convergence)

 XAG/USD Daily Chart

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