XAGUSD May Close Its Week at Under $19.00 Level
It was on Thursday when the trading price of Silver (XAGUSD) experienced significant losses. It was during the North American session when the losses were experienced by XAGUSD on Thursday. Now, the situation is changing for XAGUSD as it is aiming to trim the losses that it incurred on a particular day.
Silver Attempts to Trim Losses
According to the market observers, the bulls have been trying hard to push the price of Silver enough to trim the Thursday losses. Despite their efforts, they have not been able to reclaim the trading price of the pair at a particular price of $19.00.
The data suggests that the $19.00 price is the barrier that the investors are trying hard to reclaim. Initially, the investors did try taking an advantage of the weakening situation of the USD. In the recent trading sessions, the trading value of the USD experienced a 0.50% dip.
This information was confirmed through the US Dollar Index and it showed that the dip recorded was 108.093 bps. The drop was recorded despite an upbeat that was recorded for the US economic data.
XAGUSD Data Recorded on Friday
Despite the recent attempts, the pair was not able to make it much closer to the target of $19.00. Instead, the pair was able to record a 1.36% raise, bringing its exchange rate up to $18.66.
Still, it was somewhat of a successful trading day for XAGUSD as it started its trading day at a low of $18.17. In midday trading, the trading value of the pair rose to the daily high of $18.77. From there, the pair retreated and came down to $18.66 but it still managed to stay above the lower level of $18.17.
Despite the Climb, Silver has failed to hit $19.00
Although the price of silver was able to gain some momentum to record a rise in its price, it didn’t help it much in coming close to the $19.00 benchmark.
When it comes to the global equities, it seems that they are trading with strong gains. The gains keep coming in for the global equities although the narrative of recession and high inflation fears is still around. While the narrative remains the same, the equities have started taking in gains.
Retail Sales Data
In the month of June, the YoY retail sales in the United States rose to 1%. However, the analysts had predicted that the growth rate for retail sales would be 0.9%. On the other hand, the retail sales recorded in the month of May were -0.3%.
The journey of the retail sales from negative to positive in a matter of a month is a clear demonstration that the consumers have proven to be very resilient.