Silver has historically been in a consolidation phase, moving within a daily range of around $74-$80. The Fed's interest rates remain high, and US bond yields also support the USD. However, silver is supported by industrial demand.
Silver prices corrected to a low of around $72,426, with a strengthening USD still hampering gains in precious metals like silver. The RSI is at oversold levels, and we're waiting for a price rebound to around $77.
The Canadian dollar weakened due to slowing economic growth. Today, the market will anticipate the simultaneous release of US and Canadian employment data. Technically, USD/CAD is in a moderately bullish bias.
Technically, USD/JPY is near a peak, potentially triggering a reversal amid trader concerns about Japanese intervention if the JPY weakens further. There are no major high-impact news releases today, so a wait-and-see approach is expected. However, I'm keeping my sell position open with a stop-loss position above the peak.
Gold selling remains dominant, and I'm still struggling to overcome FOMO and take the risk of placing a stop-loss above the middle band on the M15 timeframe. Gold's movement is unusual, as price wars escalate, but this time, the surge in the energy sector has actually caused gold to decline.
Today's market will consider the Bank of Japan's (BoJ) interest rate policy, which is expected to rise to 1.00%. This will theoretically strengthen the JPY and pressure the USD. If the USD weakens, silver is expected to strengthen, although this poses risks. Here, I'm speculating again by taking a long position.
Today, I'm adding to my trading plans for gold. Although market expectations for the Fed's interest rate remain high, the US-Iran peace deal could reduce demand for the safe-haven USD. Gold is currently consolidating, awaiting the Fed's key economic growth projections. I'm opting for a buy limit option at the nearest support area.
Silver prices have recently been under pressure from the strength of the USD. The FOMC issued a hawkish statement on June 17th, supporting prolonged high interest rates. In fact, nine of the 18 officials supported a rate hike in 2026 due to persistent inflation. Currently, we are holding short positions in silver with a balanced stop-loss and profit target.
The EURJPY price appears to be in a consolidation phase within a range. Technically, the price is in a support zone, and here we're testing a buy limit scenario with a stop loss below the low, and a range target near the daily resistance level for the past four days.
Silver fell sharply yesterday, while the US Dollar Index surged to a 13-month high. Today, the strategy is to place a sell limit order on silver, anticipating a price correction following the steep decline.
