FXOpen
Silver stopped the 15-Day long losing streak yesterday with the price of the white metal rising above 14.20, hence closing in the positive territory. The technical bias remains bearish because of a Lower Low in the ongoing wave.
Technical Analysis
As of this writing, the precious metal is being traded around $14.26. A support may be noted near 14.00-14.02, the confluence of Wednesday low as well as psychological number ahead of 13.96, the low of 2015 as demonstrated in the following daily chart.
On the upside, the precious metal is likely to face a hurdle near $14.39, the intraday high of yesterday ahead of 15.00-15.29, the confluence of psychological level as well as key horizontal resistance area. The technical bias will remain bearish as long as the 16.34 resistance area is intact.
US Jobless Claims
The number of Americans filing for unemployment benefits fell last week, pointing to a fairly robust labor market. Initial claims for state unemployment benefits slipped 5,000 to a seasonally adjusted 271,000 for the week ended Nov. 14, the Labor Department said on Thursday. The prior week’s claims were unrevised.
Claims have now held below the 300,000 threshold for 37 consecutive weeks, the longest stretch in years, and are not too far from levels last seen in the early 1970s. Claims below this level are usually associated with a healthy jobs market.Last week’s drop in claims was in line with economists’ expectations.
Trade Idea
Considering the overall technical and fundamental outlook, buying the white metal around the current levels appears to be a good strategy in short to medium term.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
XBR/USD Chart Analysis: Price Rebounds from a Seven-Week Low
On 1 December, we outlined a descending channel on the XBR/USD chart and noted that the bearish trend was driven by fading geopolitical risks. Indeed, hopes for an end to the war in Ukraine—along with the possibility of
Silver Price Hits Historic Record Around $64
On 27 November, we suggested that silver was preparing to challenge its all-time high. Since then (marked with the orange arrow), XAG/USD has risen by roughly 18%, breaking above the psychological $60-per-ounce threshold for the first time in history.