The silver (XAGUSD) hits another spike
The silver (XAGUSD) spiked higher as global tensions increased. After being inside a bearish channel for the majority of last month, a break above 33.60 suggests the bulls are back in the game. The psychological level of 34.00 awaits as traders decide how bullish the metal market will continue to be. On the flip side, 33.30 is the first support to crack should the rally die down, with the bottom of 32.90 the next test.
USDJPY testing major support
The Japanese yen continues to recoup losses as the pair sank to lower lows. A close below 143.00 on the daily chart signals a firm reversal and could pave the way for an extension towards the psychological level of 140.00. The RSI’s repeatedly oversold status could briefly let bulls catch their breath. A break back towards 143.60 and then 144.20 at the previous swing high will be the first target for a retracement.
SPX 500 remains elevated
The S&P kept its cool as stocks opened the week with news that America and China still don’t see eye to eye on trade tariffs. A pop above 6000 is needed to put the index back on track for another record high and reinforce the bullish mood. On the downside, 5800 at the start of the recent breakout is important in keeping the current momentum intact.
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