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Silver Daily Price Analysis – XAG/USD Consolidates as Geopolitical Tensions Simmer and Traders Eye Fed Signals

  • 2 mins read ●
  • Published:
silver market analysis 1

Silver opened today at $28.17600 and recorded a slight drop, influenced by a stronger US dollar driven by hawkish Federal Reserve comments and geopolitical tensions in the Middle East.

Key Points

  • Critical economic data, including the U.S. PPI and CPI, will be released this week, and they are crucial for shaping future Federal Reserve monetary policies.
  • Silver consolidates around the 200 EMA with no clear direction, suggesting traders wait for a clearer trend signal.
  • Israeli military actions in Gaza may support silver prices as investors turn to safe-haven assets.

Silver Daily Price Analysis – 13/05/2024

XAG/USD experienced a downward adjustment last Friday, closing at $28.17600 after opening at $28.33470, marking a decline of 0.56%. This correction came after a significant rally earlier in May, with bullish traders taking profits as the market entered an overbought condition.

Today, silver opened slightly lower at $28.17600 and moved minimally to $28.15950, a subtle drop of 0.06%. The metal began the day on a weak note, hovering around $28.08 and touching an intraday low of $28.06. Hawkish remarks from the Federal Reserve have led to a stronger US dollar, putting downward pressure on silver prices. 

Israel’s ongoing military operations in Gaza are creating a backdrop of geopolitical risk that traditionally supports precious metal prices. Silver could see some volatility with the situation remaining fluid, driven by regional developments and global investor sentiment towards safe-haven assets​.

Key Economic Data and News to Be Released Today

This week is packed with economic data that could significantly impact the market. The U.S. Producer Price Index (PPI) data is scheduled for release on Tuesday, providing insights into wholesale price inflation. The Consumer Price Index (CPI) will be released on Wednesday, offering a snapshot of consumer-level inflation. Both indices are critical in shaping expectations about the Federal Reserve’s future monetary policy decisions.

Additionally, today features notable speeches from Federal Reserve officials, including Loretta Mester and Patrick Jefferson.

Visit our Economic Calendar

Silver Technical Analysis – 13/05/2024

Silver is currently in a consolidation phase around the 200 EMA, indicating indecision in market direction. The RSI is positioned for potential upward movement, yet the absence of a clear breakout above the 200 EMA keeps bullish prospects in check.

silver 15m chart
XAG/USD 15M Chart – 13/05/2024

Given the prevailing uncertainty, traders might consider maintaining a neutral stance until a more definitive trend develops. Monitoring for a breakout or breakdown from current levels will be essential to identify the next significant move, whether bullish above the day’s high or bearish below the day’s low.

Silver Fibonacci Key Price Levels – 13/05/2024

Short-term traders planning to invest in Silver today should keep a close eye on the following key price levels for the day:

SupportResistance
28.05028.606
27.87928.777
27.60129.055

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Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.

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