Poland’s Strong Consumption and Investment Point to Robust Growth with Mild Inflation Outlook
Ukraine Peace Deal Hopes Weigh on EUR Inflation Swaps as Real Rates Hit New Highs
Germany’s Economy: Three Years of Stagnation With Only Limited Signs of Recovery
Commodities Move on Geopolitics and Weather as Oil Rises, Gas Falls, and Nickel Faces Supply Risks
USD Overvaluation Persists as Geopolitics Dominate and JPY Faces Intervention Risks
Silver price (XAG/USD) picks up bids to refresh intraday high near $23.55 as it bounces off the five-week low marked the previous day. In doing so, the bright metal recovers from the support line of a one-week-long descending trend channel.
As the XAG/USD recovery takes clues from the RSI (14) rebound from the overbought territory, the latest run-up is likely to poke the immediate hurdle, namely the 200-SMA level surrounding $23.65.
However, the quote’s further upside will need validation from the top line of the stated channel, close to $24.10 at the latest.
Even so, the monthly high near $24.55, also the highest level since late April 2022, could challenge the Silver buyers, a break of which won’t hesitate to direct the commodity price towards the April 2022 high near $26.25.
On the contrary, the 61.8% Fibonacci retracement level of the XAG/USD’s upside from December 16 to January 03, around $23.30, restricts immediate declines of the metal.
Following that, the aforementioned bearish chart formation’s support line, near $23.00 by the press time, will be crucial to watch for a corrective bounce.
In a case where the Silver price fails to rebound from $23.00, a slump toward the mid-2022 peak surrounding $22.50 can’t be ruled out.
Trend: Limited recovery expected
