However, the 20, 50 and 100 SMAs on the daily chart were in congestion, indicating potential consolidation around current levels. The price could retreat further towards $30.00, but this will still be a bullish trend due to the strong order block zone.
XAG/USD key resistance levels
Resistor 1: 32.73 (potential new top)
Resistor 2: 32.26 (recent swing high)
XAG/USD key support levels
Support 1: 31.28 (order block)
Support 2: 31.31 (swing low)
Silver and EURUSD traders could try looking for trading opportunities around key events such as US GDP, the Fed speech and US inflation.
Conclusion
The downward trend of the US dollar, amid the Fed’s rate cuts, led the markets. Silver, EURUSD and other commodities and currencies continue to rise. However, the dollar has a breather ahead of US GDP, Fed statements and US Core PCE Index data. Depending on the data, the US dollar could stage a meaningful recovery against the XAGUSD and EURUSD.
This article is brought to you by the FXGT.com analyst team.