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Silver Technical Analysis - Silver Trading: 2020-11-03
Silver Euro Technical Analysis Summary
Above 20,8
Buy Stop
Below 19,2
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Sell |
| Bollinger Bands | Neutral |
Silver Euro Chart Analysis
Silver Euro Technical Analysis
On the daily timeframe, XAGEUR: D1 stayed in a long-term uptrend and broke above the resistance line of the short-term downtrend. A number of technical analysis indicators formed signals for further growth. We do not exclude a bullish movement if XAGEUR rises above its last upper fractal: 20.8. This level can be used as an entry point. We can place a stop loss below the last Fractal Down and Bollinger Bottom Line: 19.2. After opening a pending order, we can move the stop loss to the next fractal low following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the 4-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (19.2) without activating the order (20.8), it is recommended to delete the order: some internal changes in the market have not been taken into account.
Fundamental Analysis of Precious Metals - Silver Euro
The euro is falling in price as lockdowns resumed in several EU countries. Will the XAGEUR quotes rise?
The upward movement means a higher silver price relative to the euro. The single currency declined amid the resumption of lockdowns in France and Germany due to an increase in the number of new coronavirus cases. The quarantine may extend to other eurozone countries. In this regard, most investors do not exclude a monetary policy easing by the ECB at the December 10 meeting. In particular, the rate may be cut to -0.1% from 0% and an additional €500 billion could be allocated to buy-back bonds and monetary stimulus to the EU economy. Another negative factor for the euro rate is the slow recovery of the European economy. EU GDP grew by 12.7% in the 3rd quarter of 2020. This is noticeably less than the 33.1% growth of US GDP. In turn, the 2nd wave of the Covid-19 pandemic may push the growth of prices for precious metals and silver, as global risks rise significantly. Note that in connection with the presidential elections in the United States on November 3, market volatility may increase. In this case, the 200-day moving average line at 18.8 can be used as a support level.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
