It then pulled back and held the 61.8% Fibonacci retracement of that move and ramped higher yesterday. Within the triangle, XAG/USD has moved from a recent low of 21.99 to 27.92. On a 240-minute timeframe, XAG/USD has been in a symmetrical triangle since August 10 th, 2020. It doesn’t matter whether it’s a short squeeze or a hedge against inflation, a move higher is a move higher. If the precious metal does move higher and break above the top trendline of the flag near 27.65, it will be on its way towards its flag target near 33.25. On a weekly timeframe, the XAG/USD in forming a flag pattern. It’s worth noting again (see yesterday’s article), that IF this is indeed a colluded short squeeze, and the US Dollar is falling because of it, it will affect the largest trading market in the world, the fx market! Central banks will not be happy. As the US Dollar moves lower, it creates inflation, and thus, precious metals should move higher. Precious metals are typically used as inflation hedges. After yesterday’s move, in which the Silver ETF (SLV) was suspected of being the next target of a short squeeze, the move continues…and it is dragging Gold along for the ride. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.XAG/USD continues to push higher. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management.
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In my opinion, Silver is definitely the best trade right now and the one to watch in 2022. With Silver prices currently trading near $23 an ounce – it’s one of the most undervalued metals on earth right now and presents the biggest upside potential. However, Silver has a habit of lagging behind the rest of the commodities complex for extended periods of time – but once it gets going, it really gets going. There are plenty of reasons why commodities are on the move from rapidly surging global inflation, tightening supply vs soaring demand, logistical bottlenecks to ever-growing supply chain issues – all combined with a very disruptive economic recovery from the pandemic that shows no signs of end in sight.Īt the same time, the switch toward a greener world is creating fresh demand for metals such as Copper, Lithium, Nickel and Silver, which are all key to the green energy revolution.Ĭopper, Lithium and Nickel prices have surpassed decade highs in recent months, amid an ongoing energy crisis, global supply chain issues and booming demand from China in their aggressive drive to ensure blue skies for the Winter Olympics. The metal markets have starting 2022 on an extremely bullish note and that trend is unlikely to change anytime soon.
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