Silver Bullet in Asia. XAG/USD jumps 7%

image silver

An emotional start to Monday for precious metals traders in Asia. Silver breaking 20.00 shortly after Shanghai metals opened. XAG/USD then rallied a whopping 7% in ONE hour to around 21.10 as early Chinese demand turned into a stop loss rout. The door is always small when everyone runs for it at once.

The GOLD/SILVER ratio may also have played its part. Having broken 71.00 on Friday in New York we took out the Friday lows in Asia as well for a spike to 64.00.

Calmer heads have since prevailed and Silver now lies at 20.25 still some 2.50% higher on the day.

Interestingly in OANDA Labs, much of the long positioning this morning seems to have been put on post the break of 20.00 as well.

Silver 4 July

Support intra-day will be the New York high at 19.85 with resistance this mornings high around 21.15.

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Jeffrey Halley

Jeffrey Halley

Senior Market Analyst, Asia Pacific, from 2016 to August 2022
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley was OANDA’s Senior Market Analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes.

He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays.

A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV and Channel News Asia as well as in leading print publications such as The New York Times and The Wall Street Journal, among others.

He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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