2023-06-26 09:42

Market Update - 26 June 2023 The index starts the week slightly offered below 103.00. The improvement in the risk complex weighs on the greenback. The Dallas Fed Manufacturing Index will be the sole release on Monday. On Monday, the USD Index (DXY), which monitors the performance of the greenback against a basket of its primary rival currencies, began the week on a weaker note, retreating from the previous week's highs beyond the 103.00 level. (FXStreet) EUR/JPY remains under some selling pressure for the second straight day on Monday. Friday’s disappointing Eurozone PMIs undermine the Euro and act as a headwind. Intervention warning boosts the JPY and contributes to the modest intraday losses. The BoJ-ECB policy divergence should limit losses and warrants caution for bears. (FXStreet) USD/CAD portrays failed recovery from nine-month low, within weekly bearish channel. 200-HMA, fortnight-old descending resistance line act as additional upside filters. Immediate rising support line can offer intermediate rest to Loonie pair sellers. (FXStreet) USD/CHF clings to mild losses during the first negative day in three. Market sentiment dwindles amid mixed headlines about China, US. Risk catalysts can entertain Swiss France traders ahead of US inflation clues, central bank traders. (FXStreet) EUR/USD struggles to defend the first daily gains in three, fades bounce off one-week low. 200-HMA, comparatively upbeat US data than from Eurozone keeps Euro pair sellers hopeful. Lagarde will speak at ECB Forum, multiple central bankers’ speeches due on the platform during the week. (FXStreet) NZD/USD has gauged intermediate support near 0.6140, however, more downside seems favored amid uncertainty. Investors should note that core inflation in the US economy has remained extremely persistent. NZD/USD has formed a Head and Shoulder chart pattern on a two-hour scale, which indicates a prolonged consolidation. (FXStreet) AUD/USD is expected to resume its downside journey below 0.6670 amid a risk-off mood. The US Durable Goods Orders data is expected to contract by 1.0%, against an expansion of 1.1%. The expectations for more rate hikes from the RBA are higher as risks of upside inflation are elevated. (FXStreet) GBP/JPY is oscillating in a narrow range above 182.00 despite a dovish BoJ Summary of Opinions. BoJ Summary of Opinions conveyed that it is premature to shift policy as smaller firms becoming keen to hike wages and invest more. UK’s core inflation is in the wrong direction despite consistent policy-tightening by the central bank. (FXStreet) USD/RUB remains firmer at the highest levels since April 2022, pares the first weekly loss in four. Wagner mercenaries retreat towards Belarus after a deal with Moscow to avoid mutiny. Softer Oil price also exerts downside pressure on Ruble. US Dollar struggles to defend the weekly gains ahead of inflation clues, central bankers’ speeches. (FXStreet) Prices of WTI rebounded from the $67.00 region to close with marginal losses on Friday. The rebound was in tandem with shrinking open interest and volume and removes strength from a probable move higher in the very near term. That said, another pullback to the monthly lows near the $67.00 mark per barrel remains on the cards. (FXStreet) Natural Gas prices extended the recovery and advanced to multi-week highs past $2.70 on Friday. The strong uptick was accompanied by declining open interest, which pours some cold water over the likelihood of further gains in the very near term. The next target on the upside appears at the March top just beyond the key $3.00 mark per MMBtu. (FXStreet) Gold price gains some positive traction for the second successive day on Monday. Geopolitical risks and a modest US Dollar weakness lend support to the XAU/USD. Hawkish major central banks might hold back bullish from placing aggressive bets. (FXStreet) Silver gains strong traction for the second straight day and recovers further from a multi-month low. The intraday technical setup favours bullish traders and supports prospects for additional gains. Weakness back below the 23.6% Fibo. will negate the positive bias and expose the $22.00 mark. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-23 08:39

Market Update - 23 June 2023 USD/CHF gains strong follow-through traction and jumps to over a one-week high. The SNB’s 25 bps lift-off disappointed some investors and undermines the CHF. The Fed’s hawkish outlook continues to boost the USD and remains supportive. (FXStreet) USD/CAD has jumped to 1.3200 amid solid appeal for the USD Index due to a bleak global outlook. The US Dollar Index has climbed to near 103.00 amid the risk-aversion theme. USD/CAD is auctioning in a Falling Channel pattern in which each pullback is considered a selling opportunity. (FXStreet) AUD/USD remains pressured at the lowest levels in two weeks, justifies 100-SMA breakdown and bearish MACD signals. Convergence of 200-SMA, 50% Fibonacci retracement limits further downside amid oversold RSI. Multiple horizontal hurdles, risk-off mood challenge Aussie pair buyers ahead of US PMI. (FXStreet) GBP/USD takes offers to refresh intraday low to extend BoE-inflicted losses. BoE’s bumper rate hike flags fears of sooner policy pivot, UK’s economic slowdown. Hawkish testimony from Fed Chair Powell, mixed US data and upbeat yields underpin US Dollar. UK’s GfK Consumer Confidence improves to 14-month high, Retail Sales, PMIs awaited for clear directions. (FXStreet) USD/JPY is expected to extend a rally above 143.50 as market sentiment has dampened. The US Dollar Index has printed a fresh day's high at 102.70 amid sheer uncertainty in global markets. Japan’s inflation has unexpectedly softened despite consistent monetary stimulus by the BoJ. (FXStreet) EUR/USD struggles to extend the previous day’s pullback from seven-week high, sidelined of late. Bullish moving average crossover keeps Euro buyers hopeful above fortnight-old ascending support line. Bearish MACD signals, monthly rising wedge and a U-turn from six-week high challenge EUR/USD buyers. First readings of June’s PMIs for Germany, Eurozone and US will decorate calendar, risk catalysts are the key to watch. (FXStreet) EUR/GBP has tested territory marginally below 0.8600 on upbeat UK Retail Sales data. Monthly UK Retail Sales have expanded by 0.3% while the street was anticipating a contraction of 0.2%. An interest rate hike by the ECB in July is likely confirmed while investors are uncertain about the September meeting. (FXStreet) GBP/JPY picks up bids to pare intraday loss near the multi-month high. UK Retail Sales growth improves to 0.3% MoM in May versus -0.2% expected and 0.5% prior. Japan inflation numbers came in mixed but Jibun Bank PMIs disappointed Yen buyers. Risk catalysts, UK PMI will direct intraday traders. (FXStreet) NZD/USD turns lower for the second straight day and is pressured by modest USD strength. The Fed’s hawkish outlook, along with a softer risk tone, benefits the safe-haven Greenback. Traders now look forward to the release of the flash US PMI prints for short-term opportunities. (FXStreet) WTI prices dropped sharply on Thursday, breaking below the key $70.00 mark per barrel with marked decision. The downtick was on the back of increasing open interest and could allow for further losses to dispute the June low near the $67.00 mark per barrel. (FXStreet) Gold prices extended the weekly leg lower on Thursday amidst rising open interest, which hints at the view than further losses remain in store for the yellow metal in the very near term. That said, there is a minor support at the round level of $1900 per troy ounce, while a deeper decline is expected to face the next relevant contention at the 200-day SMA near $1850. (FXStreet) Silver bounces off a multi-month low touched on Friday, albeit lacks any follow-through buying. The overnight breakdown below a technically significant 200-day SMA favours bearish traders. A sustained strength beyond $23.00 is needed to support prospects for any meaningful recovery. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-22 09:19

Market Update - 22 June 2023 USD/CHF attracts some intraday buyers after the SNB announced its policy decision. The expected 25 bps lift-off and the lack of fresh hawkish signals weigh on the CHF. A modest USD uptick remains support, albeit the Fed rate-hike uncertainty caps gains. (FXStreet) EUR/USD has surrendered the majority of its intraday gains as the USD Index has found intermediate support. The USD Index was heavily battered on Wednesday after dovish commentaries from Fed policymakers. Price pressures in Eurozone have decelerated heavily but are still thrice the required rate of 2%. (FXStreet) USD/JPY rebounds from intraday low amid inactive Asian session. BoJ’s Noguchi defends easy-money policy to ensure higher wages, Fed Chair Powell’s testimony repeats previous hawkish comments. Off in China, cautious mood ahead of multiple central bank announcements restrict yields, Yen. (FXStreet) USD/CAD drops to its lowest level since September 2022 during the Asian session on Thursday. The overnight rally in Oil prices underpins the Loonie and weighs amid subdued USD price action. Bets for a 25 Fed rate hike in July, economic woes help limit losses for the buck and the major. (FXStreet) The index alternates gains with losses near 102.00. Chief J. Powell will testify once again later in the session. Weekly Claims, housing data, Fedspeak next on tap in the docket. The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, trades in a cautious tone near the 102.00 area on Thursday. (FXStreet) GBP/USD oscillates in a narrow trading band ahead of the key BoE decision on Thursday. Rising bets for a jumbo 50 bps lift-off continue to underpin the GBP and act as a tailwind. The USD languishes near the monthly low and further lends some support to the major. (FXStreet) AUD/USD has sensed buying interest near 0.6760 as the short-lived pullback in the USD index is concluding. Dovish commentary from Fed policymakers has receded the impact of hawkish Fed chair Jerome Powell’s testimony. Australian preliminary S&P PMI (June) data will remain in the spotlight. (FXStreet) GBP/JPY portrays pre-BoE consolidation amid sluggish markets. BoJ’s Noguchi defends ultra-easy monetary policy to target higher wages. Yields pick-up bids of late as major central banks reiterate “higher for longer” interest rate pledge. UK inflation underpinned hopes of higher BoE rate than 0.25% widely anticipated. (FXStreet) NZD/USD consolidates the previous day’s recovery inside one-month-old symmetrical triangle. Impending bull cross on MACD, sustained trading beyond 100-EMA keeps Kiwi buyers hopeful. Bears need to conquer 0.6200 to retake control, bulls can aim for 0.6310 on breakout. (FXStreet) USD/MXN regain positive traction on Thursday, albeit lacks any follow-through. The overnight failure near the descending channel hurdle favours bearish traders. A move beyond the 200-period on H4 is needed to negate the negative outlook. (FXStreet) USD/INR bears keep the reins at weekly low despite recent inaction. 10-week-old ascending support line, horizontal support zone challenge Indian Rupee bulls. Key SMAs, descending trend line from late May restrict immediate upside. Oscillators suggest limited downside room and highlight previous monthly lows. (FXStreet) USD/TRY repeats two-week-old inaction surrounding the all-time high, renews intraday low of late. Turkish government lifted minimum wage by 34% earlier in the week to back odds of a bumper rate hike. Fed Chair Powell’s failure to please markets with hawkish statements prod US Dollar bulls. Turkish Lira could rally on CBRT’s heavy rate hike, expected 20.0% versus 8.5% prior. (FXStreet) WTI crude oil pares the biggest daily gains in a week amid sluggish session. US Dollar’s heavy fall despite hawkish Fed signals joined price-positive API inventories to propel Oil price previously. Holidays in China, mixed catalysts and cautious mood ahead of multiple central bank announcements restrict WTI moves. EIA crude oil stockpiles, risk catalysts eyed for clear directions. (FXStreet) Natural Gas price edges lower on Thursday, albeit lacks follow-through selling. The technical setup favours bulls and supports prospects for additional gains. A break below the overnight swing low is needed to negate the positive outlook. (FXStreet) Gold prices briefly revisited the $1920 region, or multi-week lows, on Wednesday. The downtick was amidst shrinking open interest and volume and stands against the continuation of the downtrend for the time being. In the meantime, the precious metal remains contained around the $1920 zone per troy ounce. (FXStreet) Silver remains depressed for the fourth straight day and languishes near a three-month low. The setup favours bearish traders and supports prospects for a breakthrough the 200-DMA. Any attempted recovery could attract fresh sellers near the $23.00 mark and remains capped. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-21 09:13

Market Update - 21 June 2023 EUR/USD is oscillating above 1.0900 as the focus shifts to Fed Powell’s testimony. Investors would like to see whether Fed Powell would stand on guidance already delivered. ECB Lagarde has confirmed that a rate hike in the July meeting is appropriate. (FXStreet) USD/CHF prints four-day uptrend within short-term bullish chart pattern. 200-HMA prods Swiss Franc sellers inside the rising channel. Previous resistance line, 100-HMA act as extra filter towards the south. SNB’s anticipated rate hike jostles with Fed’s hawkish halt to lure buyers. (FXStreet) The index trades slightly bid near the 102.60 region. Investors remain cautious amidst China and Powell. Fed’s Powell will testify before congress later in the session. The greenback, when tracked by the USD Index (DXY), manages to keep the weekly recovery well in place around the 102.60 region on Wednesday. (FXStreet) USD/JPY has scaled strongly above 142.00 as the USD Index has remained firm. Investors are keenly focusing on whether Fed Powell will stick to its prior guidance of pushing interest rates further or to remain data-dependent. It seems that the consistent ultra-dovish interest rate policy by the BoJ is doing justice with its job. (FXStreet) GBP/USD picks up bids to pare weekly loss, the first in four, after upbeat British inflation data. UK CPI reprints 8.7% YoY for May versus 8.4% expected, Core CPI crosses 6.8% market forecasts and previous readings. Hawkish Fed talks, upbeat US data and sour sentiment put a floor under the US Dollar despite recent inaction. Fed Chair Jerome Powell’s bi-annual testimony eyed ahead of Thursday’s BoE announcements. (FXStreet) USD/CAD fades bounce off the lowest levels in nine months, renews intraday low of late. Oil price recovers amid geopolitical concerns, hopes of China stimulus. US Dollar cheers upbeat US data, hawkish Fed signals but cautious mood ahead of Powell’s testimony prod greenback buyers. Canada Retail Sales for May will also be important to watch for intraday clues. (FXStreet) AUD/USD has faced immense pressure around 0.6800 as the focus shifts to Fed Powell’s testimony. New Fed nominees have cleared their intentions that a slowdown in price pressures is their major focus. The Australian Dollar has shown a bumpy ride as RBA minutes turn out to be less hawkish than expected. (FXStreet) GBP/JPY prints the first daily gains in three after UK inflation data, snaps two-day losing streak. UK CPI, Core CPI both rose past market forecasts in May. Clear bounce off 100-HMA, upbeat oscillators also favor the pair buyers. Weekly resistance line prods immediate upside as bulls brace for fresh multi-month high. (FXStreet) EUR/GBP meets with some supply following the release of a stronger UK CPI report. The data lifts bets for more aggressive BoE rate hikes and boosts the British Pound. The ECB’s hawkish outlook helps limit the downside ahead of the BoE on Thursday. (FXStreet) USD/MXN has printed a fresh day's high at 17.24 amid a risk-aversion theme. Fed Powell is expected to deliver hawkish guidance as core inflation in the United States is still showing persistence. Banxico is expected to keep interest rates steady consecutively for the second time. (FXStreet) USD/CNH seesaws around the highest levels since November 2022, sidelined of late. China’s inability to please markets with stimulus measures, PBoC rate cuts weigh on Yuan. US Dollar benefits from hawkish Fed signals, upbeat US data and fears of Sino-American tussles. Fed Chair Powell’s bi-annual testimony will be key to watch for clear directions. (FXStreet) USD/INR prints four-day losing streak as markets await Fed Chair Powell’s bi-annual testimony. Hawkish Fed talks, upbeat US data and China woes propel US Dollar amid sluggish markets. Upbeat WTI crude oil price, Fed vs. RBI play weigh on Indian Rupee. (FXStreet) NZD/USD remains confined in a narrow trading band through the Asian session on Wednesday. A modest USD strength, along with economic woes, act as a headwind for the risk-sensitive Kiwi. Investors now look to Fed Chair Jerome Powell’s testimony before placing fresh directional bets. (FXStreet) WTI regains positive traction, albeit remains well within the previous day’s trading range. The mixed technical setup warrants some caution before placing aggressive directional bets. The 50-day SMA hurdle is likely to act as a pivotal point and holds the key for bullish traders. (FXStreet) Natural Gas Price clings to mild gains after falling the most in three months. Market’s consolidation ahead of top-tier data/events allows XNG/USD to lick its wounds at weekly low. Fears surrounding China economic growth, hawkish Fed concerns weigh on energy prices amid firmer US Dollar. (FXStreet) Silver is seen consolidating the overnight slump to a fresh monthly low. The technical setup supports prospects for additional near-term losses. A sustained strength beyond $24.00 might negate the negative outlook. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-20 09:04

Market Update - 20 June 2023 EUR/USD has delivered an upside break of the 20-pips range formed above 1.0900. The ECB has confirmed that more interest rates are in the pipeline due to persistence in core inflation. EUR/USD has shown a mild correction after confidently climbing above the 61.8% Fibonacci retracement at 1.0920. (FXStreet) USD/JPY is expected to show losses if fails to sustain above 141.50. A moderate upside move in the USD Index has concluded now as investors are expecting only one rate hike from the Fed. BoJ might do a stealth intervention if USD/JPY climbs to 145.00. (FXStreet) GBP/USD remains sidelined after reversing from 14-month high. Jump in UK government’s two-year borrowing cost propel hawkish BoE concerns. Fed talks, mixed US data lures Pound Sterling bears as full markets return. UK CPI, second-tier US data may entertain Cable traders ahead of BoE, Fed Chair Powell’s Testimony. (FXStreet) AUD/USD has shown a recovery move from 0.6800 supported by a sell-off in the USD Index. S&P500 futures have recovered some losses, portraying an increment in the risk appetite of the market participants. Dovish PBoC interest rate policy has provided strength to the Australian Dollar. (FXStreet) The index climbs to 3-day peaks near 102.60. US markets return to normal activity following Monday’s holiday. Housing data, Fedspeak next on tap in the US docket. The greenback advances further and reaches new 3-day peaks around 102.60 when tracked by the USD Index (DXY) on turnaround Tuesday. (FXStreet) USD/CAD extends week-start rebound from yearly low, renews intraday top of late. Convergence of 100-HMA, previous support line guards immediate recovery. Loonie pair sellers need validation from resistance-turned-support line. Triangle breakout, bullish MACD signals favor intraday buyers of USD/CAD. (FXStreet) USD/CHF scales higher for the third straight day, albeit lacks follow-through buying. A goodish pickup in the US bond yields boosts the USD and lends support to the pair. A softer risk tone benefits the CHF and caps gains amid the Fed rate hike uncertainty. (FXStreet) EUR/JPY is seen consolidating its recent strong gains to the highest level since September 2008. Overbought RSI on the daily chart holds back bulls from placing fresh bets and caps the upside. Weakness below the daily swing low could pave the way for some meaningful corrective decline. (FXStreet) EUR/GBP picks up bids to refresh intraday high, stretches recovery from 10-month low. ECB policymakers suggest higher rates despite softer German PPI. UK’s two-year borrowing costs jump to 15-year high, suggesting more power for BoE hawks. Risk catalysts eyed ahead of Wednesday’s British inflation. (FXStreet) GBP/JPY has gauged a cushion around 181.00 as the focus has shifted to UK inflation. Price pressures in the UK region have remained extremely stubborn in comparison with other developed economies. The consistent decline in the Japanese Yen has propelled expectations of a stealth intervention by the BoJ. (FXStreet) USD/MXN continues with its struggle to gain any traction and languishes near a multi-year low. The formation of a descending channel points to a well-established short-term bearish trend. The RSI on the daily chart is still flashing oversold conditions and holding back bearish traders. (FXStreet) USD/TRY remains indecisive, grinding near the record high marked the last week. Turkish Lira buyers brace for strong hawkish CBRT move, markets expect heavy rate increase to the tune of near 20%. Fed stays on course to announce July rate hike, Powell’s speech will be crucial to watch. Full markets’ return may entertain intraday traders but lack of volatility is expected ahead of the key Thursday. (FXStreet) USD/CNH picks up bids to refresh intraday high, up for the third consecutive day. PBoC cuts one-year, five-year LPRs by 10 basis points. Hawkish Fed bets gain momentum after Juneteenth holiday. Mixed clues about US-China ties, fears of China’s slower economic recovery also propel offshore Yuan price. (FXStreet) NZD/USD is going through a rough phase as higher interest rates by the RBNZ are denting domestic demand. US markets were closed on Monday therefore a volatile action is expected due to the extended weekend. Investors should note that RBNZ has raised interest rates to 5.50%, higher than interest rates in the US economy. (FXStreet) USD/INR picks up bids to extend bounce of seven-month-old ascending support line. RSI rebound from oversold territory favor corrective move in Indian Rupee. 100-DMA acts as extra upside filter before welcoming USD/INR bulls. Multi-month-old symmetrical triangle restricts the pair’s broad moves, suggest further recovery. (FXStreet) Natural Gas price drifts lower on Tuesday and snaps a six-day winning streak to a one-month top. The recent breakout through key hurdles favours bulls and supports prospects for further gains. A convincing break back below the $2.50 area is needed to negate the near-term positive outlook. (FXStreet) Silver price is consolidating below $24.00 as the USD Index remains elevated. A cautious market mood has been observed in the FX domain as the US markets will open after an extended weekend. Distinct responses to Fed interest rate guidance have kept the USD Index quiet. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.

2023-06-20 08:48

Market Update - 19 June 2023 EUR/USD extends the corrective decline to the 1.0900 area. A move to the 1.1000 hurdle remains on the cards. EUR/USD corrects lower and challenges the 1.0900 region on Monday. (FXStreet) USD/JPY trades stable in the 141.80 area after hitting its highest point since November 2022. US Stock and bond markets are closed on Juneteenth celebrations. Eyes on economic data from the US, Chair Powell's testimony on Wednesday. (FXStreet) GBP/USD is slightly down as the Bank of England’s potential rate hike looms amidst easing inflation signals. A hawkish BoE stance could push GBP/USD towards 1.3000 if accompanied by increased inflation and rate hike. US Dollar Index strengthens; June Housing Market Index outperforms expectations, rising from 50 to 55. (FXStreet) AUD/USD has shown a downside move to near 0.6840 amid a quiet market mood due to an extended weekend in the US. The appeal for the Australian Dollar has been trimmed ahead of RBA policy minutes and PBoC policy. AUD/USD is climbing higher in a Rising Channel pattern formed in which each pullback is considered as a buying opportunity. (FXStreet) EUR/JPY comes under some pressure following new highs. A sustained advance targets the 156.80 region in the near term. EUR/JPY surrenders some gains and returns to the 155.00 region after advancing to new multi-year higher near 155.30 earlier on Monday’s session. (FXStreet) USD/MXN stays strong despite a slight retreat; lower European equities dampen market sentiment. Fed Chair Powell’s upcoming Congress testimony draws focus; chances for a July rate hike by the Fed are estimated at 73.2%. Bank of Mexico is likely to keep rates unchanged; inflation trends are set to influence future rate decisions. (FXStreet) Prices of WTI extended further their weekly recovery on Friday. The move, however, was accompanied by declining open interest and volume and open the door to a potential near-term correction. In the meantime, the $72.00 region per barrel emerges as an initial resistance zone. (FXStreet) Natural Gas continues rising after one of the most positive weeks in 2023, in which it witnessed a 17% rally. Gas price rises on the back of lingering concerns regarding European supply adequately meeting demand after outages in Norway, the continent’s main producer. Despite bullish fundamentals, the longer-term technical trend remains down as long as prices stay below $3.079 MMBtu. (FXStreet) Gold price has dropped to near $1,950.00 citing recovery signs in the USD Index. Investors are turning cautious ahead of US State of Secretary Antony Blinken meeting China’s President XI Jinping. Gold price has sensed selling pressure from the downward-sloping trendline of the Descending Triangle chart pattern. (FXStreet) Silver is down by more than 1%, struggling to stay above the confluence of 50 and 20-day EMAs at $23.86/92. Failure to breach the April 29 swing low leads to increased selling pressure; YTD resistance at $24.20/30 adds to downward pressure. Bearish RSI signal and weakening buying pressure suggest XAG/USD’s path of least resistance is downwards. (FXStreet) Source: FXStreet Disclaimer: This information does not represent a BUY or SELL recommendation on the stock covered. Traders and Investors are encouraged to do their own analysis on stocks instead of blindly following any Trading calls raised by various parties on the Internet.