Commodities Analysis by Gregor Horvat covering: XAG/USD, US Dollar Index Futures, Silver Futures. Read Gregor Horvat's latest article on Investing.com
Metals are experiencing an upward trend this week due to geopolitical tensions between Israel and Hamas. During times of uncertainty, investors tend to favor safer and more stable assets and commodities, as they are less inclined to take risks. Stocks are generally viewed as riskier assets during such periods, and even currencies can be perceived as uncertain, except for the, which has risen by nearly 10% from its low of 20.70.
Looking at it from an Elliott wave perspective, silver appears to be within the middle of a broader range, and the breakout might need some more time until the A-B-C-D-E triangle pattern is completed. However, when the breakout eventually occurs, it is likely to lead to sharp and profitable moves.A triangle is a continuation pattern characterized by A-B-C-D-E subwaves, with each leg containing corrective subdivisions.
Given the circumstances, I intend to exercise caution and remain mindful of my minimum upward projection as I adjust my trading plan accordingly. My approach will be to consider long positions after a pullback. Support is at 21-21.50. Upward projection at 24-25.New China data brings back old worry about economy in top oil importer 2024 oil demand likely lower than thought, says IEA, disputing OPEC’s outlook Iran sanctions...
The sell-off in the precious metals sector – which I will argue vehemently is primarily an officially sanctioned, bullion bank market intervention with some help from...Drop in yields and softer dollar underpins the recent recovery in gold and silver Focus turns to US inflation data, expected to moderate a little Silver technical analysis: Broken...We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.
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