Don’t waste your time – keep track of how NFP affects the US dollar!

Data Collection Notice

We maintain a record of your data to run this website. By clicking the button, you agree to our Privacy Policy.

facebook logo with graphic

Join Us on Facebook

Stay on top of company updates, trading news, and so much more!

Thanks, I already follow your page!
forex book graphic

Beginner Forex Book

Your ultimate guide through the world of trading.

Get Forex Book

Check Your Inbox!

In our email, you will find the Forex 101 book. Just tap the button to get it!

FBS Mobile Personal Area

market's logo FREE - On the App Store

Get

Risk warning: ᏟᖴᎠs are complex instruments and come with a high risk of losing money rapidly due to leverage.

79% of retail investor accounts lose money when trading ᏟᖴᎠs with this provider.

You should consider whether you understand how ᏟᖴᎠs work and whether you can afford to take the high risk of losing your money.

Silver: trading sideways

Silver: trading sideways

Information is not investment advice

The Forex history counts six silver bull market periods, and the seventh one is possibly right now. Even though gold has a higher price and generally grabs more attention, silver has actually outperformed gold in five of the six previous bull markets for gold and silver. The chart below demonstrates the silver performance during its resurgences.

Screenshot_1.png

*Only once gold managed to outperform silver.

Silver is not just a precious metal, it is also an important raw material for industrial purposes. It is widely used in healthcare, electronics, and renewable energy. As you can notice, the tech sector has been prospering these days as never before. Just look at Nasdaq, the stock index, which includes the strongest tech companies. No wonder that it sets record highs almost every day. Therefore, the industrial and technological application of silver couldn’t have been more important for the current time.

In comparison with its safe-haven brother, gold, silver is cheaper and tends to react less to political upheavals and economic hardships. However, it still does react. Besides, gold and silver price movements are positively correlated. The recent optimism over a thaw in US-China relationships weighs on both precious metals. Today, although the USD’s weakness generally pushes silver prices up, it gets offset by the increase in US government bond yields.

Technical tips

Silver has bounced off the 61.8% Fibonacci level at $27.40 but then has turned to the upside again. If it crosses this level again, it will drive the price further to the next resistance at the high of August 18 at $28.45. However, be cautious as this resistance is quite strong, and, therefore, the price is likely to pull back rather than break out. In the opposite scenario, if silver breaks out the 50.0% Fibonacci level at $26.60, it may dip down to the next support at the 38.2% Fibonacci level of $25.85. Bulls may find both support levels a good entry point.

XAGUSDH4.png

LOG IN

Similar

Popular

CBDC: Technology of the Future or Dystopia?

Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of ​​creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.

Choose your payment system

Feel the Team Spirit

Callback

Please fill in the form below so we can contact you

Select the best time for us to call you. We give calls from Monday to Friday in suggested intervals. In case we couldn't get through, we will try again at the same time the next day. For getting real-time assistance, use FBS chat.

We provide only English-speaking callbacks. If you prefer any other languages, contact the support team.

We will call you at the time interval that you chose

Change number

Your request is accepted.

We will call you at the time interval that you chose

Next callback request for this phone number will be available in 00:30:00

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later