XAGUSD hits resistance
Silver saw a potential continuation of its recent rally come to a halt, as the 29.00 zone became a firm resistance. The XAGUSD price has sought to consolidate its gains after it cleared this month’s top above 28.50 but the latest bounce has failed to produce a fresh high. A fall below the swing low of 27.80 would be a sign of liquidation, forcing leveraged short-term buyers to bail out and exacerbating volatility. 27.00 could attract traders looking to buy the dip as the RSI jumped into overbought territory.
USDJPY breaks lower
The Japanese Yen ignored the recent pullback as prices fell back through the 146.00 level. Last week’s bounce came to a halt as an overbought RSI signaled further weakness in the dollar. A lack of follow-up support at the psychological level of 150.00 has put early buyers on the defensive. The recent daily low of 145.50 is the next level to see if the rebound from the past two weeks can hold and 146.80 is the key obstacle to remove.
NAS 100 gains traction
The Nasdaq 100 continues the comeback after tech stocks rallied over the past week. From the recent selloff, the index is looking to make a full recovery after breaking through the 19000 barrier. A break above the recent high of 19500 would keep the latest trend followers in the market and pave the way for a further rally. The psychological level of 19000 sits near a daily support, making it a major level to gauge the bulls’ resolve. 20000 is the new top as stocks look to progress this week.