Silver Price Analysis: XAG/USD grinds between 61.8% golden ratio and 10-DMA

Source:  | 12/19/2022 4:39:21 AM GMT | By Anil Panchal

  • Silver price fades bounce off 10-DMA, grinds lower of late.
  • 61.8% Fibonacci retracement level, impending bear cross on MACD favor sellers.
  • Six-week-old ascending trend line acts as the key support.

Silver price (XAG/USD) fade the previous day’s recovery to around $23.25 during early Monday.

In doing so, the bright metal retreats from the 61.8% Fibonacci retracement level of March-August downside and the 10-DMA level. It’s worth noting that the stated Fibonacci level is also known as the golden ratio and is considered a strong technical resistance.

Not only the metal’s pullback from the strong resistance but the looming bear cross on the MACD, as well as the nearly overbought RSI (14), also tease the Silver bears.

However, a clear downside break of the 10-DMA support near $22.00 appears necessary to convince sellers.

Following that, an upward-sloping trend line from November 03, close to $22.60 by the press time, could challenge the XAG/USD bears before directing them to the 50% Fibonacci retracement level of $22.25.

If at all, the Silver bears keep the reins past $22.25, the odds of witnessing a slump toward October’s peak of $21.25 can’t be ruled out.

On the flip side, a daily closing beyond the 61.8% Fibonacci retracement level of $23.40 could recall the Silver buyers and can poke the monthly peak surrounding $24.15.

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Australia’s sovereign wealth fund buys gold, commodities as shadow of 1970s looms

Source: By Lewis Jackson SYDNEY (Reuters)

Australia’s A$200 billion ($134.28 billion) sovereign wealth fund is increasing exposure to gold, commodities, private equity and infrastructure as it warns the future will echo the low-growth, high-inflation era of the 1970s.

By Lewis Jackson

SYDNEY (Reuters) – Australia’s A$200 billion ($134.28 billion) sovereign wealth fund is increasing exposure to gold, commodities, private equity and infrastructure as it warns the future will echo the low-growth, high-inflation era of the 1970s.

The Future Fund outlined the changes, which also included widening its currency basket, in a note on Friday that questioned the value of traditional 60-40 portfolios and called for an investing shift to confront a world dealing with war, inflation and climate change.

“In this kind of environment there is a real risk of simultaneous slow growth, high unemployment, and rising prices that has some parallels with the stagflationary period that struck developed markets in the 1970s,” the note said.

Investors large and small are scrambling to adjust portfolios and philosophies undermined by the simultaneous cratering of equity and bond markets.

The eight-page note called time on four decades of investment tailwinds including falling interest rates and taxes, energy abundance and growing globalisation driven by China’s rise.

Investors now faced a world corrosive to asset prices: more war, the risk of capital controls and confiscations, bigger government, and the spectre of higher inflation.

In response the Future Fund is implementing six broad sets of changes, including more focus on dynamic asset allocation and liquidity.

“There are no simple answers for the investment community. Traditional approaches have delivered strongly, but it is doubtful they are fit for purpose in the future,” it said.

Report authors argue Russia’s invasion of Ukraine hints at a future of destabilised energy markets as well as higher inflation and taxes as countries prioritise security and resilience over efficiency.

($1 = 1.4894 Australian dollars)

(Reporting by Lewis Jackson; Editing by Stephen Coates)

Eye Appealing Draped Bust Dollar 1802/1 NGC AU58+

Generally quite scarce, early federal period American coins are always in demand.  This coin, sporting an even grey patina and golden undertone, is a most desirable and lovely example of the type.  In the wide spectrum of U.S. numismatics, early dollars hold a special place in the hearts of collectors.

Mintage: 41,650

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1855-C Liberty Quarter Eagle PCGS MS62

You Should “C” This

A paltry mintage of 3,677 quarter eagles was accomplished by the Charlotte Mint in 1855. That production total is the smallest from the North Carolina facility for any individual date in the series (the 1843-C Small Date coins represent only part of the mintage for 1843). Perhaps no more than 100 1855-C quarter eagles are extant in all grades, though inflated population figures might lead one to believe otherwise.   Mint State specimens are very rare and this is one of just five at this grade level with but three higher. When tilted just slightly, this coin displays lighter color and considerably more luster than indicated in our pictures.

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PRECIOUS-Gold under pressure as U.S. yields, dollar firm

* European Central Bank policy meeting due on Thursday * More platinum deficits loom after record 2020 undersupply – WPIC * Platinum prices likely to reach $1,300/oz over 12 months – UBS (Updates prices) By Shreyansi Singh March 10 (Reuters) – Gold eased on Wednesday after registering its biggest jump in two months in the last session, as higher U.S. Treasury yields and a stronger dollar remained a stumbling block for bullion. Spot gold was down 0.2% at $1,711.21 per ounce by 1207 GMT after rising more than 2% on Tuesday. U.S. gold futures fell 0.5% to $1,709.20. U.S. yields regained momentum on Wednesday, raising the opportunity cost of holding bullion, while the dollar also gained. “Gold prices are likely to remain under pressure, while concerns about inflation are front of mind for the market,” said CMC Markets UK’s chief market analyst, Michael Hewson, adding a stronger dollar could be a further drag on bullion prices over the next few days.

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1799/8 Draped Bust Dollar NGC MS65

A Pre-1800 Gem Dollar

The 1799/8 Draped Bust dollars are popular because of their dramatic over dates. This is the “13 Stars Reverse” variety, as opposed to the other for this date – the “15 Stars Reverse”. The one offered here exhibits lighter color and more luster than seen in our unflattering images. Additionally, the surfaces are refreshingly clean, even considering the lofty grade. This is the only MS65 graded by NGC with a single (MS66) example graded higher.

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Gold Price Analysis: XAU/USD attempts to stabilize ahead of the $1670 June low – Commerzbank

Gold is attempting to stabilize at the 2019-2021 uptrend at $1667 but the yellow metal needs to do more work to negate the downside pressure, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports. 

See – Gold Price Analysis: XAU/USD to near the confluence support zone at $1,660-$1,670 – DBS Bank

Key quotes

“The market has sold off towards the $1670 June low and the $1667 2019-2021 uptrend. This is currently holding the downside.” 

“Initial resistance is offered by the $1760/$1772 band, which is the May high and previous 50% retracement and the short-term downtrend in order to alleviate downside pressure and signal recovery to the 200-day ma at $1861.” 

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1879 $1 Pattern Metric Dollar PCGS PR64

Judd-1624, Pollock-1820, High R.7. The head of Liberty faces left in this design by George T. Morgan, her hair done up in a bun and tied with a ribbon bearing an incused LIBERTY. E PLURIBUS UNUM is above, with stars seven left and six right, date below. The reverse portrays a wreath of cotton, wheat, and corn. An inner circle of dots encloses 895.8 S. / 4.2–G. / 100–C. / 25 GRAMS. A “descending dove” shape surrounds DEO EST GLORIA (“God is glory”). UNITED STATES OF AMERICA and ONE DOLLAR are at the rim. Struck in aluminum with a reeded edge. Only four examples of this pattern are believed known. This is the sole highest example graded by PCGS.

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Silver Price Analysis: XAG/USD bears can ignore latest bounce to 100-day SMA

  • Silver struggles to keep week-start gap-up but snaps three-day losing streak.
  • Bearish MACD, downbeat RSI joins sustained break of yearly support line, now resistance, to favor silver sellers.
  • Yearly low, 200-day SMA will be a tough nut to crack for bears.

Silver prices waver around $25.40, fading the initial run-up to $25.56, during Monday’s Asian session. In doing so, the white metal confronts 100-day SMA while also keeping the last week’s break of an ascending trend line from March 2020.

Given the bearish MACD and descending RSI line join the previous week’s downside break of the key support line and 100-day SMA, silver prices are likely to remain depressed.

However, fresh selling can wait until the bears conquer January 27 low near $24.70 as it triggered the commodity’s bounce during Friday.

Also acting as the strong downside barrier is a confluence of 200-day SMA and the yearly low near $24.20.

Meanwhile, a daily closing beyond the 100-day SMA level of $25.45 will need to cross the previous support line, at $25.80 now, to recall the silver buyers.

Following that, lows marked during late February around $26.20 should test the bulls targeting the monthly top beyond $27.00.

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1876-S Liberty Double Eagle NGC MS64

Rare, Last Year of Type

The 1876-S double eagle had a mintage exceeding 1.5 million coins, but this does not necessarily translate into high-grade availability. Mint State coins are only plentiful through the MS62 level, after which the certified population drops off sharply. In MS64, the ’76-S is a major condition rarity and anything finer is almost unobtainable. The NGC is only 11 with 5 higher. This particular example offers a pleasing overall appearance.

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Price is based on payment via ACH, Bank Wire Transfer or Personal Check.
Major Credit Cards Accepted, add 3.5%
Offer subject to availability.