Silver price surged to over $22.38 per ounce during, a level not seen since early February after Credit Suisse woes renewed concerns over the health of the global banking sector. Nevertheless sellers become more active after the start of the US session. After an unsuccessful attack on 50 SMA ( green line) bears managed to push the price below the crucial $22.00 mark and 200 SMA (red line). As long as the price sits below the aforementioned level, another downward impulse may be launched towards key support at $20.00 or even $18.90 handle which is marked with lower limit of the 1:1 structure and 61.8% Fibonacci retracement of the upward wave started in March 2020.
SILVER, D1 interval. Source: xStation5
Daily Summary: PPI Inflation slows down, but EURUSD approaches 1.10
Focus shifts away from Nvidia
Daily Summary: Oil Rebounds, EURUSD Falls Sharply 🗽 Wall Street Stabilizes After Nvidia Sell-Off
Oil Gains Nearly 2% Despite a Sharp Rise in US Inventories 📈
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.