FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
45,475,665Confirmed
1,188,262Deaths
33,065,260Recovered
Fetching Location Data…
Advertisement
Advertisement
Kenny Fisher

Silver has posted gains in Monday trade. Currently, silver is trading at $18.38, up $0.21 or 1.16% on the day. The metal touched $18.51 in the Asian session, its highest level since late September. This week’s highlights are U.S. nonfarm payrolls and wage growth for December, which will be released on Friday.

Safe Havens Jump After Iran General Killed

A U.S. airstrike killed a top Iranian general on Friday, sending shock waves across the Middle East. With tensions already at a high level, the U.S. strike, which killed Qassem Sulaimani, head of the Revolutionary Guards, has raised fears of an all-out war in the region. Iran has vowed revenge for the killing, but it will have to tread carefully with an unpredictable President Trump.

The markets have reacted on Monday, with safe-haven assets, such as gold and silver, recording gains. Silver is up over 1 percent on Monday, and gold touched $1589, its highest level since April 2013. Investors are clearly shaken, which means that silver and gold could continue to rack up gains this week as geopolitical tensions remain high.

Advertisement

Fed Likely to Stay on Sidelines

In the U.S., the holiday schedule resulted in the release of the FOMC minutes on Friday. Policymakers said they expected rates to remain steady “for a time”, but did note continuing downside risks to the U.S. economy due to global trade tensions. ISM Manufacturing PMI slipped to 47.2 in December, down from 48.1 a month earlier. This was shy of the estimate of 49.0 and the weakest reading since June 2009.

Silver Technical Analysis

The forecast for silver is positive. The round number of 18.00 has been a resilient resistance line since November, but silver has broken through and this line has switched to a support role. Below, we find support at 17.50, followed closely by the 50-EMA line at 17.42.

XAG/USD 1-Day Chart
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US