Silver Price Daily Forecast – Silver Retreats While Gold Remains Stuck Near $1800

Silver Moves Lower Ahead Of The Weekend

Silver is currently trying to settle below $25.30 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the 93 level but lost momentum and pulled back. The nearest support level for the U.S. Dollar Index is located at 92.80. In case the U.S. Dollar Index declines below this level, it will move towards the support at the 20 EMA at 92.40 which will be bullish for silver and gold price today.

Meanwhile, gold remains stuck near the $1800 level. Gold has already made several attempts to settle below this level, but these attempts yielded no results. The nearest significant resistance level for gold is located at the 50 EMA at $1815. If gold manages to settle above this level, it will move towards recent highs at $1835 which will be bullish for silver and other precious metals.

Gold/silver ratio found support at the 71 level and is trying to get above 71.50. In case this attempt is successful, it will move towards the 72 level which will be bearish for silver.

Technical Analysis

silver july 23 2021

Silver failed to settle above the resistance at $25.50 and pulled back below $25.30. The nearest support level for silver is located at $25.00.

In case silver manages to settle below the support at $25.00, it will head towards the next support level at $24.70. A move below this support level will open the way to the test of the next support at $24.50.

On the upside, silver needs to get back above $25.30 to have a chance to get to another test of the resistance level at $25.50. In case silver gets above $25.50, it will move towards the next resistance which is located at the 20 EMA at $25.80. A successful test of the resistance at the 20 EMA will open the way to the test of the next resistance level at the 50 EMA at $26.30.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Set To Finish The Week On A Strong Note

Stock Market Continues To Move Higher

S&P 500 futures are gaining ground in premarket trading as traders managed to shrug off worries about the Delta variant of coronavirus.

At this point, there are no signs that the new wave of coronavirus puts material pressure on the economy. Today, EU reported that Euro Area Manufacturing PMI declined from 63.4 in June to 62.6 in July while Euro Area Services PMI increased from 58.3 to 60.4. Both reports exceeded analyst estimates.

Traders will soon have a chance to take a look at PMI reports from U.S. which are expected to show that Manufacturing PMI declined from 62.1 in June to 62 in July while Services PMI increased from 64.6 to 64.8. It should be noted that both Manufacturing PMI and Services PMI remain close to multi-year highs which indicates that economy’s rebound is very strong.

WTI Oil Tries To Settle Above The $72 Level

WTI oil continues its rebound as traders bet that demand for oil will continue to increase despite the threat posed by the new wave of the virus.

Interestingly, energy-related stocks are trading well below highs that were seen back at the beginning of June, while oil is already trading at higher levels.

If WTI oil continues to rebound, traders’ money may flow into the energy segment which looks rather cheap compared to many alternatives.

Treasury Yields Move Higher As Traders Get Out Of Safe-Haven Assets

The yield of 10-year Treasuries is currently trying to settle above 1.30% as demand for safe-haven assets declines. Several trading sessions ago, the yield of 10-year Treasuries made an attempt to settle below 1.13%.

Higher yields indicate that bond traders have calmed down after the recent panic buying which was caused by virus worries. In an ordinary situation, higher yields may have put some pressure on tech stocks. However, the current increase in yields indicates that demand for safe-haven assets decreases, which is bullish for riskier assets like stocks.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Attempts To Settle Back Above 20 EMA

Bitcoin Continues To Rebound Ahead Of The Weekend

Bitcoin continues its attempts to settle above the 20 EMA at $32,600 while other cryptocurrencies are also moving higher.

Ethereum is also trying to settle above its 20 EMA at $2,050. Dogecoin has recently made an attempt to get to the test of its 20 EMA at $0.2030. XRP is moving towards its 20 EMA at $0.6120.

Crypto markets are trying to recover after the recent sell-off, and leading cryptocurrencies are testing important resistance levels which indicates that bulls will try to push markets higher ahead of the weekend.

This is an important moment for Bitcoin which has recently tested the psychologically important support level at $30,000 but managed to get strong support near this level.

Cryptocurrencies are very dependent on momentum, so failure to settle above the resistance levels at 20 EMAs will be a worrisome sign for the bulls.

Technical Analysis

bitcoin july 23 2021

Bitcoin has recently managed to get above the resistance at $32,000 and is testing the 20 EMA at $32,600. As I noted above, this is a very important moment for Bitcoin bulls, and traders will soon learn whether Bitcoin has enough support to get above the 20 EMA.

RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. In case Bitcoin manages to settle above the 20 EMA, it will move towards the resistance at $34,000.

A successful test of the resistance at $34,000 will open the way to the test of the next resistance level at $35,000. A move above $35,000 will push Bitcoin towards the resistance at $36,000.

The test of the resistance at $36,000 would be another important moment for Bitcoin bulls as the previous attempt to gain solid upside momentum was stopped at this level.

On the support side, a move below $32,000 will push Bitcoin towards the key support level at $30,000. If Bitcoin settles below this level, it will get to the test of the next support at $28,800.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – Traders Wait For PMI Reports

Euro Is Mostly Flat Against U.S. Dollar

EUR/USD is testing the support level at 1.1775 while the U.S. dollar is gaining some ground against a broad basket of currencies.

The U.S. Dollar Index has managed to settle above 92.80 and is trying to get to the test of the 93 level. If the U.S. Dollar Index moves above 93, it will test the resistance at 93.10 which will be bearish for EUR/USD.

Yesterday, European Central Bank left the interest rate unchanged and reiterated its dovish message. ECB delivered no surprises, and its commentary had little impact on currency dynamics.

EU has also provided flash reading of Euro Area Consumer Confidence report for July which showed that Consumer Confidence declined from -3.3 in June to -4.4 in July compared to analyst consensus of -2.5.

Today, foreign exchange market traders will focus on flash PMI data from EU and U.S. Analysts expect that Euro Area Manufacturing PMI declined from 63.4 in June to 62.5 in July. Euro Area Services PMI is projected to increase from 58.3 to 59.5.

In the U.S., Manufacturing PMI is expected to decline from 62.1 to 62 while Services PMI is expected to improve from 64.6 to 64.8. It will be interesting to see whether the recent increase in the number of new coronavirus cases in the U.S. had any impact on the services segment.

Technical Analysis

eur usd july 23 2021

EUR/USD continues its attempts to settle below the support level at 1.1775. If EUR/USD manages to settle below this level, it will move towards the next support at 1.1750.

A successful test of the support at 1.1750 will open the way to the test of the support level which is located at 1.1720. In case EUR/USD settles below 1.1720, it will move towards the support at 1.1690.

On the upside, the nearest resistance level for EUR/USD is located at 1.1800. A successful test of this level will push EUR/USD towards the resistance at the 20 EMA at 1.1830. If EUR/USD gets above the 20 EMA, it will move towards the resistance at 1.1860.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – British Pound Pulls Back Ahead Of The Weekend

U.S. Dollar Gains Some Ground Against British Pound

GBP/USD is moving towards the support at 1.3745 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index has managed to stay above 92.80 and is slowly moving towards the 93 level. In case the U.S. Dollar Index gets above this level, it will continue its upside move and get to the test of the resistance at 93.10 which will be bearish for GBP/USD.

UK has recently reported that Retail Sales increased by 0.5% month-over-month in June compared to analyst consensus which called for growth of 0.4%. On a year-over-year basis, Retail Sales increased by 9.7%.

UK has also released Consumer Confidence report which indicated that Consumer Confidence improved from -9 in June to -7 in July compared to analyst consensus of -8.

Today, foreign exchange market traders will also have a chance to take a look at flash PMI reports for July. Analysts expect that UK Manufacturing PMI declined from 63.9 in June to 62.5 in July. UK Services PMI is projected to decrease from 62.4 to 62. Numbers above 50 show expansion.

Technical Analysis

gbp usd july 23 2021

GBP/USD did not manage to settle above the resistance at 1.3780 and pulled back closer to the support at 1.3745. In case GBP/USD declines below this support level, it will move towards the next support which is located at 1.3710.

A successful test of the support at 1.3710 will open the way to the test of the next support at 1.3670. If GBP/USD declines below 1.3670, it will head towards the support at 1.3635.

On the upside, the nearest resistance level for GBP/USD is still located at 1.3780. A move above this level will lead to a test of the resistance which is located at the 20 EMA at 1.3800.

If GBP/USD manages to settle above 1.3800, it will gain additional upside momentum and head towards the resistance at 1.3835. A successful test of this level will push GBP/USD towards the resistance at 1.3865.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – U.S. Dollar Rebounds After Recent Pullback

Canadian Dollar Is Losing Ground Against U.S. Dollar

USD/CAD is currently trying to settle above the resistance at 1.2590 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle below the support at 92.80 but failed to develop sufficient downside momentum and moved back above 92.80. In case the U.S. Dollar Index manages to move above the 93 level, it will get to the test of the resistance at 93.10 which will be bullish for USD/CAD.

Today, U.S. reported that Initial Jobless Claims increased from 368,000 (revised from 360,000) to 419,000 compared to analyst consensus which expected that Initial Jobless Claims would decline to 350,000. Meanwhile, Continuing Jobless Claims decreased from 3.27 million (revised from 3.24 million) to 3.24 million compared to analyst estimate of 3.1 million.

Existing Home Sales report showed that Existing Home Sales grew by 1.4% month-over-month in June while analysts expected growth of 0.9%.

It should be noted that WTI oil continued to move higher which was bullish for commodity-related currencies, but this move did not provide enough support to Canadian dollar.

Technical Analysis

usd cad july 22 2021

USD to CAD managed to settle above 1.2560 and is trying to settle above the next resistance at 1.2590. In case this attempt is successful, it will move towards the next resistance level which is located at 1.2625. RSI has pulled back into the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A move above the resistance at 1.2625 will open the way to the test of the resistance at 1.2650. In case USD to CAD gets above this level, it will head towards the next resistance at 1.2685.

On the support side, the nearest support level for USD to CAD is located at 1.2560. If USD to CAD declines below this level, it will head towards the support at 1.2540. A move below this level will open the way to the test of the support at the 20 EMA at 1.2520.

For a look at all of today’s economic events, check out our economic calendar.

Why Crocs Stock Is Up By 8% Today

Crocs Stock Rallies As Q2 Results Beat Analyst Estimates

Shares of Crocs moved to all-time high levels after the company released its second-quarter results. The company reported revenue of $640.8 million and adjusted earnings of $2.23 per share, easily beating analyst estimates on both earnings and revenue.

The company stated that its full-year revenue growth would be 60% – 65% compared to 2020 revenue of $1.39 billion, above its previous guidance which called for growth of 40% – 50%.

Crocs also stated that $80 – $100 million will be invested in 2021 in supply chain to support its growth. Previously, the company expected to invest $100 million – $130 million.

What’s Next For Crocs Stock?

Back in March 2020, Crocs stock made an attempt to settle below the $10 level. Today, the stock tried to get above the $136 level. This is a very impressive move which was driven by increased demand for casual footwear during the pandemic as more people began to work remotely.

Analysts expect that Crocs will report earnings of $5.72 per share in 2021. Next year, the company is projected to report a profit of $6.44 per share. It should be noted that analyst estimates for 2021 and 2022 have been rising steadily which is a bullish catalyst for the stock.

At current price levels, Crocs stock is trading at about 20 forward P/E, which does not look overpriced in the current market environment. The recent growth has been impressive, and the key question is whether the company will be able to maintain the solid pace of growth as the world gets closer to normal life.

In the near term, traders may choose to take some profits off the table as the stock showed great performance in 2021. However, Crocs stock has a decent chance to continue its upside move as the company’s valuation remains rather conservative in the current market environment when high-growth companies easily trade at sky-high valuation levels.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Resistance At $25.30 Stays Strong

Silver Pulls Back Despite Weaker Dollar

Silver is currently trying to settle back below the support at $25.00 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get below the support level at 92.80 and gained downside momentum. Currently, the U.S. Dollar Index is trying to settle below 92.60. In case this attempt is successful, it will move towards the support at 92.40 which will be bullish for silver and gold price today.

Meanwhile, gold continues its attempts to settle below the support level at $1800. A successful test of this level will open the way to the test of the next support at $1775 which will be bearish for silver and other precious metals.

Gold/silver ratio rebounds after yesterday’s decline and is trying to get to the 72 level. A move above this level will push gold/silver ratio towards the recent highs near the 73 level which will be bearish for silver.

It should be noted that gold and silver remain under pressure at a time when U.S. dollar is losing ground against a broad basket of currencies while Treasury yields are declining. This is a bearish sign, and it looks that precious metals will need additional positive catalysts to get back to the upside mode.

Technical Analysis

silver july 22 2021

Silver failed to settle above the resistance at $25.30 and pulled back towards the support at $25.00. If silver declines below this level, it will move towards the next support at $24.70.

A successful test of the support at $24.70 will push silver towards the next support at $24.50. In case silver manages to settle below the support at $24.50, it will move towards the next support level at $24.20.

On the upside, silver needs to settle above the resistance at $25.30 to have a chance to develop upside momentum in the near term. The next resistance level is located at $25.50. If silver moves above this level, it will head towards the resistance at $25.80.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Mixed After Disappointing Initial Jobless Claims Report

Initial Jobless Claims Jumped To 419,000

U.S. has just released Initial Jobless Claims and Continuing Jobless Claims reports.

Initial Jobless Claims claims report indicated that 419,000 Americans filed for unemployment benefits in a week. Analysts expected that Initial Jobless Claims would total just 350,000, so the report missed analyst estimates.

Continuing Jobless Claims decreased from 3.27 million (revised from 3.24 million) to 3.24 million compared to analyst consensus of 3.1 million.

S&P 500 futures have lost their positive momentum after the release of disappointing job market reports.

Today, traders will also have a chance to take a look at Existing Home Sales data for June. Analysts expect that Existing Home Sales increased by 0.9% month-over-month in June after declining by 0.9% in May.

WTI Oil Managed To Settle Above The $70 Level

WTI oil continues to rebound after the recent sell-off as traders bet that problems on the coronavirus front will not have a material impact on demand for oil.

Currently, WTI oil is trying to settle above the $71 level, which is bullish for oil-related stocks.

Interestingly, oil traders have ignored the recent EIA Weekly Petroleum Status Report which indicated that crude inventories increased by 2.1 million barrels compared to analyst consensus which called for a decline of 4.5 million barrels. U.S. domestic oil production remained unchanged at 11.4 million barrels per day (bpd).

The recent moves in the stock and commodity markets highlight traders’ desire to buy any notable dip, which means that general market mood remains very bullish.

Gold Remains Under Pressure

Gold continues its attempts to settle below the psychologically important support level at $1800 as traders move out of safe-haven assets. Meanwhile, silver faced resistance at $25.30 and pulled back towards the $25.00 level.

Yesterday, gold mining stocks tried to gain upside momentum as traders rushed to purchase shares near multi-week lows. Today, this rebound attempt may find itself under pressure as gold and silver move lower.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin Continues To Rebound As Bitcoin Tests Resistance At $32,000

Elon Musk Says He Owns Bitcoin, Dogecoin And Ethereum

Dogecoin is currently trying to settle above $0.19 while Bitcoin is testing an important resistance level at $32,000.

Elon Musk has recently provided material support to Bitcoin and other cryptocurrencies as he stated that Tesla could again begin to accept Bitcoin as payment for the company’s cars.

According to Musk, Bitcoin is moving towards renewable energy, but Tesla will make sure that its environmental goals are met before Bitcoin could be used to buy Tesla cars.

Musk has also noted that he personally owned Bitcoin, Dogecoin and Ethereum. Not surprisingly, Musk’s comment provided additional support to Dogecoin, which made an attempt to settle above $0.21 but lost momentum and pulled back towards $0.19.

Technical Analysis

dogecoin july 22 2021

Dogecoin has recently made an attempt to settle above $0.21 but failed to develop sufficient upside momentum and pulled back. Currently, Dogecoin is trying to settle above $0.19.

I’d note that no material levels have been formed between the support level at $0.1650 and the resistance level at $0.20 so Dogecoin may easily move between these levels when it stays in the current $0.1650 – $0.20 range.

A move above the resistance at $0.20 will signal that Dogecoin will try to develop additional upside momentum. Dogecoin will have to settle above the 20 EMA at $0.2045 to have a chance to get to the test of the resistance at $0.2150.

If Dogecoin manages to get above the resistance at $0.2150, it will move towards the next resistance level at $0.2250. A successful test of this level will open the way to the test of the resistance at $0.23.

On the support side, the nearest support level for Dogecoin is still located at $0.1650. Additional support levels below $0.19 may be formed in the near future if Dogecoin does not develop significant downside momentum which could take it below $0.1650. If Dogecoin declines below $0.1650, it will head towards the next support level at $0.1550. A move below this level will open the way to the test of the support at $0.1450.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – Euro Gains Some Ground Ahead Of ECB Interest Rate Decision

Traders Wait For ECB Commentary

EUR/USD is currently trying to get back above 1.1800 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index is testing the support level at 92.80. If this test is successful, the U.S. Dollar Index will head towards the next support level at 92.40 which will be bullish for EUR/USD.

Today, foreign exchange market traders will focus on ECB Interest Rate Decision. The rate is expected to stay unchanged, but the Bank’s commentary may have a significant impact on currency dynamics.

Recent inflation reports from EU indicated that inflation remained under control, which provides ECB with an opportunity to be very dovish without taking big risks.

The key question for traders right now is whether ECB will rush to say that it would provide more support to markets as Euro Area Inflation Rate is still below 2%.

I’d note that analysts expect that Euro Area Inflation Rate will grow by 2.6% year-over-year in July, but this forecast is well below inflation numbers which are seen in the U.S., so ECB has the opportunity to be aggressive.

Technical Analysis

 

eur usd july 22 2021

EUR/USD managed to settle back above 1.1775 and is trying to settle above the resistance at 1.1800. In case this attempt is successful, it will head towards the next resistance level at 1.1830.

A successful test of the resistance at 1.1830 will lead to the test of the 20 EMA at 1.1840. In case EUR/USD manages to get above this level, it will move towards the next resistance level which is located at 1.1860.

On the support side, the nearest support level for EUR/USD is located at 1.1775. In case EUR/USD declines below this level, it will move towards the next support at 1.1750.

A move below the support at 1.1750 will open the way to the test of the next support at 1.1720. In case EUR/USD gets below this level, it will head towards the next support at 1.1690.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – Resistance At 1.3745 In Sight

British Pound Continues To Rebound Against U.S. Dollar

GBP/USD is heading towards the resistance level at 1.3745 while the U.S. dollar is flat against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle below the support level at 92.80. In case this attempt is successful, the U.S. Dollar Index will move towards the next support level near the 20 EMA at 92.40 which will be bullish for GBP/USD.

Today, foreign exchange market traders will focus on the economic data from U.S. Initial Jobless Claims report is expected to show that 350,000 Americans filed for unemployment benefits in a week. Continuing Jobless Claims are expected to decline from 3.24 million to 3.1 million.

Traders will also take a look at Existing Home Sales report for June which is projected to indicate that Existing Home Sales increased by 0.9% month-over-month.

Technical Analysis

gbp usd july 22 2021

GBP/USD gained strong upside momentum after it failed to settle below the support at 1.3575. GBP/USD has recently managed to get above the resistance at 1.3710 and is trying to get to the test of the next resistance level at 1.3745.

If GBP/USD manages to settle above this level, it will head towards the next resistance at 1.3780. A successful test of the resistance at 1.3780 will push GBP/USD towards the next resistance level which is located at the 20 EMA at 1.3800. In case GBP/USD gets above the 20 EMA, it will continue its upside move and head towards the resistance at 1.3835.

On the support side, the previous support level at 1.3710 will serve as the first resistance level for GBP/USD. RSI has moved away from the oversold territory, so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If GBP/USD declines below 1.3710, it will move towards the next support level at 1.3670. A successful test of this level will open the way to the test of the support at 1.3635. In case GBP/USD gets below 1.3635, it will move towards the next support at 1.3610.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Canadian Dollar Rallies As WTI Oil Returns To The $70 Level

U.S. Dollar Is Under Strong Pressure Against Canadian Dollar

USD/CAD is currently trying to settle below the support at 1.2560 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index declined below the 93 level and is trying to settle below the support at 92.80. In case this attempt is successful, the U.S. Dollar Index will move towards the support at 92.40 which will be bearish for USD/CAD.

Today, foreign exchange market traders focused on the developments in commodity markets. WTI oil managed to gain strong upside momentum and returned to the $70 level which provided significant support to commodity-related currencies including Canadian dollar.

Meanwhile, the yield of 10-year Treasuries has moved from 1.20% to 1.29% as bond traders sold U.S. government bonds. This move indicates that demand for safe-haven assets is decreasing, which is bearish for the American currency that has recently enjoyed strong support due to fears about the spread of the Delta variant of coronavirus.

Technical Analysis

usd cad july 21 2021

USD to CAD gained strong downside momentum and is trying to settle below the support at 1.2560. RSI is in the moderate territory, and there is enough room to gain additional downside momentum in case the right catalysts emerge.

In case USD to CAD manages to settle below the support at 1.2560, it will move towards the next support level at 1.2540. A successful test of this level will push USD to CAD towards the next support at 1.2520. The 20 EMA is in the nearby so USD to CAD may get strong support near this level. If USD to CAD declines below the support at 1.2520, it will head towards the support level at 1.2500.

On the upside, the nearest resistance level for USD to CAD is located at 1.2590. A successful test of this level will open the way to the test of the resistance at 1.2625. In case USD to CAD gets above 1.2625, it will head towards the next resistance at 1.2650.

For a look at all of today’s economic events, check out our economic calendar.

Why Netflix Stock Is Down By 4% Today

Netflix Stock Dives After Company Misses Earnings Estimates

Shares of Netflix are losing ground in premarket trading after the company released its second-quarter results.

Netflix reported revenue of $7.34 billion and GAAP earnings of $2.97 per share, beating analyst estimates on revenue and missing them on earnings.

Netflix stated that it finished the quarter with over 209 million paid memberships, which was above its own forecast. In total, the company added 1.5 million paid memberships in the second quarter.

The company also noted that average revenue per membership increased by 8% over the two-year period (last year’s numbers are not used for comparison as they were heavily impacted by coronavirus-related measures).

For the third quarter, the company projects revenue of $7.48 billion and earnings of $2.55 per share. The number of paid memberships is expected to increase from 209.18 million to 212.68 million.

What’s Next For Netflix Stock?

Netflix’ growth is slowing down, which is not surprising given the fact that people return to their normal lives after the blow dealt by coronavirus pandemic.

In addition, competition in the streaming space is increasing, and it looks that the market is worried that this segment becomes very competitive.

Netflix has recently stated that it wanted to expand its offerings into the gaming segment, but it remains to be seen whether this move will serve as an additional positive catalyst for the company’s stock.

Analysts expect that Netflix will report earnings of $12.96 per share in 2022, so the stock is trading at 39 forward P/E. This is a suitable valuation level for a company that grows fast, but Netflix’ growth has slowed down which makes the stock vulnerable to multiple compression.

It should be noted that the general market mood remains very bullish which should provide some support to pricey stocks, but it looks that Netflix stock will need additional catalysts to get out of the current wide trading range between $480 and $560.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Silver Tries To Rebound After Major Sell-Off

Silver Attempts To Settle Above $25

Silver is currently trying to get back above the $25 level while U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index continues its attempts to settle above the resistance level at 93.10. In case the U.S. Dollar Index manages to settle above this level, it will move towards the next resistance at 93.30 which will be bearish for silver and gold price today. Stronger dollar is bearish for precious metals as it makes them more expensive for buyers who have other currencies.

Meanwhile, gold lost support from safe-haven buying. Currently, it is trying to get below the $1800 level. If gold manages to settle below this level, it will head towards the support at $1775 which will be bearish for silver.

Gold/silver ratio is declining after the recent rally. At this point, gold/silver ratio managed to get back below the 72 level while RSI moved back into the moderate territory. If gold/silver ratio gains additional downside momentum, it will head towards the support at 70.70 which will be bullish for silver.

Technical Analysis

silver july 21 2021

Silver failed to settle below the support at $24.70 and is trying to settle back above $25.00. In case this attempt is successful, silver will move towards the next resistance level which is located at $25.30.

A successful test of the resistance at $25.30 will open the way to the test of the next resistance level at $25.50. If silver manages to settle above the resistance at $25.50, it will move towards the next resistance at $25.80.

On the support side, silver needs to get back below $25.00 to have a chance to develop downside momentum in the near term. The next support level is located at $24.70.

A move below $24.70 will open the way to the test of the support at $24.50. In case silver declines below this level, it will head towards the next support level which is located at $24.20.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Move Higher As Rebound Continues

Treasury Yields Increase As Demand For Safe-Haven Assets Declines

S&P 500 futures are gaining some ground in premarket trading as traders look ready to buy stocks after yesterday’s strong upside move.

Yesterday’s trading action indicated that there is plenty of money on the sidelines which is waiting for any meaningful pullback. There was no specific catalyst for the strong move, and it looks that “buy the dip” mentality served as the main catalyst that pushed stocks higher.

Today, Treasury yields are rising as traders sell U.S. government bonds, which is bullish for the stock market as falling bond prices indicate that demand for safe-haven assets is decreasing.

WTI Oil Tries To Settle Above The $68 Level

WTI oil is currently trying to settle above the $68 level, and oil-related stocks will move higher at the beginning of today’s trading session.

The recent API Crude Oil Stock Change report indicated that crude inventories increased by 0.8 million barrels compared to analyst consensus which called for a decline of 4.2 million barrels.

However, the market ignored the report as traders bet that the surge in the number of new coronavirus cases caused by the Delta variant will not hurt demand for oil.

Today, traders will focus on EIA Weekly Petroleum Status Report, which is projected to show that crude inventories declined by 4.5 million barrels. If the report is worse than expected, oil may find itself under some pressure, but general market sentiment will likely serve as the main catalyst.

Gold Drops To The $1800 Level

Gold received some support from demand for safe haven assets in recent trading sessions and managed to stay above the $1800 level despite the strength of the U.S. dollar.

Today, gold is trying to settle below the psychologically important $1800 level which is bearish for gold mining stocks.

Shares of gold miners have been under pressure in July despite gold’s upside move, highlighting the bearish market sentiment towards the sector. In this light, gold mining stocks will likely be sensitive to the recent downside move in the gold market.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin Rebounds As Bitcoin Gets Back Above $30,000

Dogecoin Gets Back To $0.18

Dogecoin failed to settle below the important support level at $0.1650 and rebounded towards $0.18 while Bitcoin returned back above the key $30,000 level.

Yesterday, Bitcoin made a serious attempt to settle below the psychologically important support level at $30,000 which put pressure on the whole crypto market.

It looks that Bitcoin’s recent downside move attracted enough buyers who wanted to bet that the world’s leading cryptocurrency would fail to settle below $30,000, so Bitcoin managed to rebound.

Dogecoin and other coins are rebounding faster than Bitcoin. Ethereum is currently trying to get to the test of the $1900 level while XRP is trying to get above $0.55.

If Bitcoin continues its rebound, Dogecoin and other cryptocurrencies will get more support. In my opinion, they will have a good chance to develop additional upside momentum in this scenario as speculative traders would rush to buy the “failed breakout”.

Technical Analysis

dogecoin july 21 2021

Dogecoin received strong support at $0.1650 and moved towards $0.18. The nearest significant resistance level for Dogecoin is located at $0.20. It should be noted that no notable levels were formed between $0.1650 and $0.20 so Dogecoin may easily move between these levels.

In case Dogecoin manages to settle back above $0.20, it will head towards the next resistance level which is located at $0.2150. A successful test of this level will open the way to the test of the next resistance at $0.2250.

On the support side, Dogecoin needs to get to the test of the major support level at $0.1650 to have a chance to develop downside momentum in the near term. RSI remains in the moderate territory so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Dogecoin settles below $0.1650, it will move towards the support at $0.1550. A successful test of this level will push Dogecoin towards the support at $0.1450.

For a look at all of today’s economic events, check out our economic calendar.

 

EUR/USD Daily Forecast – Support At 1.1750 In Sight

Euro Continues To Lose Ground Against U.S. Dollar

EUR/USD is moving towards the support at 1.1750 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle above the resistance at 93.10. If the U.S. Dollar Index gets above this level, it will move towards the resistance at 93.30 which will be bearish for EUR/USD.

It’s a quiet day on the economic calendar, so foreign exchange market traders will stay focused on general market sentiment and coronavirus data. It looks that worries about the Delta variant of coronavirus continue to increase demand for safe-haven assets which is bullish for the American currency.

The demand for dollar is strong, and the recent decrease in Treasury yields had no negative impact on the American currency. The U.S. Dollar Index is slowly moving towards yearly highs at 93.44, and a move above this level will signal that the American currency is ready to develop additional upside momentum.

Technical Analysis

eur usd july 21 2021

EUR/USD managed to get below the support at 1.1775 and is trying to get to the test of the next support level at 1.1750. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If EUR/USD declines below the support at 1.1750, it will move towards the next support at 1.1720. A move below this level will open the way to the test of the support at 1.1690. In case EUR/USD manages to settle below the support at 1.1690, it will continue its downside move and head towards the support at 1.1660.

On the upside, EUR/USD needs to get back above 1.1775 to have a chance to develop upside momentum in the near term. The next resistance level is located at 1.1800.

If EUR/USD settles above 1.1800, it will move towards the next resistance at 1.1830. A move above this level will lead to the test of the 20 EMA at 1.1840.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – Test Of Support At 1.3610

British Pound Remains Under Pressure Against U.S. Dollar

GBP/USD is currently trying to settle below the support at 1.3610 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index is currently testing the nearest resistance level at 93.10. In case this test is successful, the U.S. Dollar Index will move towards 93.30 which will be bearish for GBP/USD.

There are no important economic reports scheduled to be released in the U.S. and UK today so foreign exchange market traders will focus on general market sentiment, which is driven by concerns about the Delta variant of coronavirus.

Demand for safe-haven assets stays strong so U.S. dollar continues to gain ground against a broad basket of currencies while Treasury yields move lower. I’d note that stocks and commodities managed to gain some upside momentum after the recent sell-off which indicates that many traders remain bullish on markets despite virus worries. However, this upside move had no material impact on currency dynamics.

Technical Analysis

gbp usd july 21 2021

GBP/USD managed to settle below the support at 1.3635 and is trying to settle below the next support level at 1.3610. In case this attempt is successful, GBP/USD will get to another test of the support which is located at the recent lows at 1.3575.

A move below the support at 1.3575 will open the way to the test of the next support at 1.3535. If GBP/USD declines below this level, it will move towards the support at 1.3500.

On the upside, the previous support level at 1.3635 will serve as the first resistance level for GBP/USD. RSI has just entered into the oversold territory, so the risks of a rebound are increasing.

If GBP/USD settles above the resistance at 1.3635, it will head towards the next resistance at 1.3670. A successful test of the resistance at 1.3670 will push GBP/USD towards the resistance which is located at 1.3710.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Test Of Support At 1.2740

Canadian Dollar Rebounds After Yesterday’s Sell-Off

USD/CAD is currently trying to settle below the support at 1.2740 while the U.S. dollar continues to gain ground against a broad basket of currencies.

The U.S. Dollar Index is trying to get above the resistance at 93.10. In case this attempt is successful, the U.S. Dollar Index will move towards the next resistance at 93.30 which will be bullish for USD/CAD.

Today, foreign exchange market traders had a chance to take a look at housing market data from U.S. Building Permits declined by 5.1% month-over-month in June while Housing Starts grew by 6.3%.

Tomorrow, traders will focus on Canada’s New Housing Price Index for June which is projected to grow by 11.3% on year-over-year basis.

Traders will also keep an eye on the developments in commodity markets as the recent sell-off in commodities put significant pressure on commodity-related currencies, including Canadian dollar. Today, commodity markets are moving higher despite fears about a new wave of coronavirus caused by the more infectious Delta variant, which is bullish for the Canadian dollar.

Technical Analysis

usd cad july 20 2021

USD to CAD managed to settle below the support at 1.2765 and is trying to settle below the next support level which is located at 1.2740. If this attempt is successful, USD to CAD will move towards the next support at 1.2710.

A move below the support at 1.2710 will open the way to the test of the support at 1.2685. In case USD to CAD declines below the support at 1.2685, it will move towards the next support level at 1.2650.

On the upside, the previous support level at 1.2765 will serve as the first resistance level for USD to CAD. In case USD to CAD manages to settle above this level, it will head towards the next resistance which is located at the recent highs near 1.2800. A successful test of this level will push USD to CAD towards the next resistance level at 1.2835.

For a look at all of today’s economic events, check out our economic calendar.