Silver Is Trying to Break Long-Term Resistance
Precious metals have steadily gained in recent weeks as investors adjust to a world of weak economic growth and central-bank stimulus. Gold is the obvious commodity most people watch, but silver has been gaining momentum as well.
XAGUSD is now trying to break its 19.65 peak from last September, which was the highest level since September 2016. This follows a “Golden Cross” chart pattern earlier in the month and a pair of bullish-triangle breakouts.
The backdrop for silver (and gold) is also interesting because of the weak U.S. dollar. The Federal Reserve meets on July 29, which could reinforce the theme of low interest rates. In contrast, the European Central Bank refused to increase its stimulus last week.
Now the continent’s leaders are on the verge of uniting around a stimulus plan. That, combined with steady improvement in China, can keep downward pressure on the greenback. And that, in turn, is historically a positive for precious metals like silver.
XAGUSD is now trying to break its 19.65 peak from last September, which was the highest level since September 2016. This follows a “Golden Cross” chart pattern earlier in the month and a pair of bullish-triangle breakouts.
The backdrop for silver (and gold) is also interesting because of the weak U.S. dollar. The Federal Reserve meets on July 29, which could reinforce the theme of low interest rates. In contrast, the European Central Bank refused to increase its stimulus last week.
Now the continent’s leaders are on the verge of uniting around a stimulus plan. That, combined with steady improvement in China, can keep downward pressure on the greenback. And that, in turn, is historically a positive for precious metals like silver.
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