Silver Spot Intraday Watch Key Support at 2400
Intraday, Silver Spot keeps riding on a bullish trend line drawn from July 30...
Share this:
Last Friday, the University of Michigan Consumer Sentiment Index (final reading) slipped to 72.5 in July, back near the coronavirus pandemic low.
At the weekend, top Democrats in Congress and the White House said they are not close to a deal concerning a new economic stimulus bill.
Therefore, economic uncertainties persist.
Meanwhile, the U.S. dollar has shown signs of a technical rebound.
On an Intraday 30-minute Chart, Silver Spot keeps riding on a bullish trend line drawn from July 30.
Source: GAIN Capital, TradingView
Though it is off a Recent High of $24.97 an ounce, it has managed to keep the Key Support Level of $24.00.
Unless this Key Level of $24.00 is breached, Silver is expected to revisit the high it recently touched.
However, in the opposite case of breaking below $24.00, the intraday bias will turn bearish, and Silver could only find support at $23.54 (a previous key resistance).
At the weekend, top Democrats in Congress and the White House said they are not close to a deal concerning a new economic stimulus bill.
Therefore, economic uncertainties persist.
Meanwhile, the U.S. dollar has shown signs of a technical rebound.
So, how about Silver, which has even out-performed Gold recently?
On an Intraday 30-minute Chart, Silver Spot keeps riding on a bullish trend line drawn from July 30.
Source: GAIN Capital, TradingView
Though it is off a Recent High of $24.97 an ounce, it has managed to keep the Key Support Level of $24.00.
Unless this Key Level of $24.00 is breached, Silver is expected to revisit the high it recently touched.
However, in the opposite case of breaking below $24.00, the intraday bias will turn bearish, and Silver could only find support at $23.54 (a previous key resistance).
Last Friday, the University of Michigan Consumer Sentiment Index (final reading) slipped to 72.5 in July, back near the coronavirus pandemic low.
At the weekend, top Democrats in Congress and the White House said they are not close to a deal concerning a new economic stimulus bill.
Therefore, economic uncertainties persist.
Meanwhile, the U.S. dollar has shown signs of a technical rebound.
On an Intraday 30-minute Chart, Silver Spot keeps riding on a bullish trend line drawn from July 30.
Source: GAIN Capital, TradingView
Though it is off a Recent High of $24.97 an ounce, it has managed to keep the Key Support Level of $24.00.
Unless this Key Level of $24.00 is breached, Silver is expected to revisit the high it recently touched.
However, in the opposite case of breaking below $24.00, the intraday bias will turn bearish, and Silver could only find support at $23.54 (a previous key resistance).
At the weekend, top Democrats in Congress and the White House said they are not close to a deal concerning a new economic stimulus bill.
Therefore, economic uncertainties persist.
Meanwhile, the U.S. dollar has shown signs of a technical rebound.
So, how about Silver, which has even out-performed Gold recently?
On an Intraday 30-minute Chart, Silver Spot keeps riding on a bullish trend line drawn from July 30.
Source: GAIN Capital, TradingView
Though it is off a Recent High of $24.97 an ounce, it has managed to keep the Key Support Level of $24.00.
Unless this Key Level of $24.00 is breached, Silver is expected to revisit the high it recently touched.
However, in the opposite case of breaking below $24.00, the intraday bias will turn bearish, and Silver could only find support at $23.54 (a previous key resistance).
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Gold, silver slammed as hawkish Fed repricing reignites dollar upside
Gold and silver had held up surprisingly well against surging US yields. Wednesday’s DXY breakout may have changed that equation.
Gold, silver shrug off a brutal macro stress test
A hawkish Fed, surging short-dated Treasury yields and a firmer dollar failed to deliver the kind of damage usually seen in precious metals.
Gold Technical Outlook: XAU/USD Bulls Regroup at a Critical Pivot Ahead of Fed 9 16 2026
Gold is attempting to stabilize near a pivotal technical zone, with the Fed decision poised to provide the catalyst for the next major move.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.