Silver Faces Increasing Pressure: Cautious Sentiment
SLO2 @ 31.77 📉
SLO1 @ 30.28 📉
TP1 @ 27.43
TP2 @ 25.03
TP3 @ 23.27
TP4 @ 20.55
BLO1 @ 19.89 ⏳
BLO2 @ 18.30⏳
SL @ 17.55 🚫
🔑
BLO = BUY LIMIT ORDER
SLO = SELL LIMIT ORDER
TP = TAKE PROFIT
SL = STOP LOSS
📉 = Order Triggered
⏳ = Order Pending
SUMMARY
The current market sentiment and technical indicators suggest that the silver downtrend may continue. Nevertheless, the current circumstances are subject to change, so it is advisable for traders to proceed with caution and carefully observe any updates in the market.
FUNDAMENTAL
The price of silver has pulled back to around $28 per ounce, reversing its recent gains due to concerns about a potential recession and a general increase in risk aversion. Concerns about a potential economic downturn have been heightened by the US economy's weaker-than-expected job growth in July. As a result, investors are now looking for safe-haven assets.
TECHNICAL
Despite the anticipation of significant interest rate cuts by the Federal Reserve, the general market sentiment remains pessimistic for silver. Based on the technical indicators, it appears that the downtrend may continue, as the short-term moving averages are currently positioned below the longer-term averages. Nevertheless, it is crucial to take into account the conflicting signals from various technical tools and closely observe fundamental developments before finalizing any trading decisions.
FUTURES
In addition, the recent decrease in delivery volume in the Comex silver futures market suggests a decrease in physical demand. Although this data point is worth considering, it is important to analyze it in the larger market context in order to make meaningful conclusions about the price trajectory of XAGUSD.
SLO1 @ 30.28 📉
TP1 @ 27.43
TP2 @ 25.03
TP3 @ 23.27
TP4 @ 20.55
BLO1 @ 19.89 ⏳
BLO2 @ 18.30⏳
SL @ 17.55 🚫
🔑
BLO = BUY LIMIT ORDER
SLO = SELL LIMIT ORDER
TP = TAKE PROFIT
SL = STOP LOSS
📉 = Order Triggered
⏳ = Order Pending
SUMMARY
The current market sentiment and technical indicators suggest that the silver downtrend may continue. Nevertheless, the current circumstances are subject to change, so it is advisable for traders to proceed with caution and carefully observe any updates in the market.
FUNDAMENTAL
The price of silver has pulled back to around $28 per ounce, reversing its recent gains due to concerns about a potential recession and a general increase in risk aversion. Concerns about a potential economic downturn have been heightened by the US economy's weaker-than-expected job growth in July. As a result, investors are now looking for safe-haven assets.
TECHNICAL
Despite the anticipation of significant interest rate cuts by the Federal Reserve, the general market sentiment remains pessimistic for silver. Based on the technical indicators, it appears that the downtrend may continue, as the short-term moving averages are currently positioned below the longer-term averages. Nevertheless, it is crucial to take into account the conflicting signals from various technical tools and closely observe fundamental developments before finalizing any trading decisions.
FUTURES
In addition, the recent decrease in delivery volume in the Comex silver futures market suggests a decrease in physical demand. Although this data point is worth considering, it is important to analyze it in the larger market context in order to make meaningful conclusions about the price trajectory of XAGUSD.
Professor C. E. Ward
Disclaimer
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