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Silver Forecast: Silver Confined to key Fibonacci Levels

Silver Forecast: Silver Confined to key Fibonacci Levels

Tammy Da Costa, Markets Writer

Silver Forecast:

Visit the DailyFX Educational Center to discover why news events are Key to Forex Fundamental Analysis

With the Federal reserve (FED) decision on the horizon, precious metals have soared as uncertainty regarding stimulus measures remains a mystery.

As the coronavirus pandemic wreaked havoc in the markets, demand for Gold and its Silver counterpart increased, while the Dollar struggled to stay afloat. Meanwhile, the USD has managed to rebound slightly after a series of positive economic data but with rising US-China trade talks and the upcoming elections, the demand for precious metals has once again soared, with Silver now aiming to break above the psychological number of 30.00. Now, as presidential elections loom, the demand for precious metals has once again grabbed the attention of investors.

Silver Monthly Chart

Silver Forecast: Silver Confined to key Fibonacci Levels

Chart Prepared by Tammy Da Costa, IG

After recovering from March lows, a strong bullish trend has been present, with the price of silver looking to testing a fresh high at the beginning of August. However, this level, which is the 50% retracement level of the historical move, continues to hold strong, exerting downward pressure on the precious metal.

Stochastic Flirts with 70

Silver Daily Chart

Silver Forecast: Silver Confined to key Fibonacci Levels

Chart Prepared by Tammy Da Costa, IG

Meanwhile, from a shorter-term perspective, the Stochastic, a technical indicator used to measure the momentum of an asset, is sitting around 70, chart below, a possible indication that price action may be forming a penchant for mean reversion.

--- Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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