Shortage of silver is outlined in the world
Technical Analysis Summary Silver: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| MA(200) | Neutral | |
| Fractals | Buy | |
| Parabolic SAR | Buy | |
| Bollinger Bands | Buy |
Chart Analysis
On the daily timeframe, XAGUSD: D1 came out of the downtrend up. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if XAGUSD: D1 rises above the last high and upper Bollinger band: 21.1. This level can be used as an entry point. The initial risk limit is possible below the last down fractal, the Parabolic signal and the lower Bollinger band: 17.7. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (17.7) without activating the order (21.1), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of -
Precious metals rise in price against the backdrop of a weakening US dollar. Will the XAGUSD quotes continue to rise?
Investors often consider precious metals as an alternative to dollar assets. From its 20-year high set last week, the US dollar index fell 4%. This is relatively large for the foreign exchange market. The main negative was the decrease in the yield of 10-year Treasury to 3.6% per annum from 4% per annum. On October 7, the labor market review (United States Nonfarm Payrolls) for September will be released, which may affect the dynamics of the dollar. The next Fed meeting will not be soon - November 2, 2022. Note that according to the Silver Institute, the global deficit of silver in 2022 may reach a record level of 71.5 million ounces. The main increase in demand may occur in industries such as electronics and photovoltaics.