Market Insight: Week ending 4 August

<img width="250" height="132" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-250×132.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="Silver (XAG/USD): Lack of Short-Term Support Daily Timeframe Echoes Short-Term Bearish Vibe" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-250×132.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-700×369.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-768×404.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-1536×809.jpg 1536w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-2048×1079.jpg 2048w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-120×63.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-245×129.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-500×263.jpg 500w" sizes="(max-width: 250px) 100vw, 250px" /><p><strong>Higher Timeframe Trend Indecisive</strong></p>
<div><img aria-describedby="caption-attachment-450060" decoding="async" class="wp-image-450060 size-large" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-1-700×339.png" alt="Silver (XAG/USD): Lack of Short-Term Support Daily Timeframe Echoes Short-Term Bearish Vibe" width="700" height="339" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-1-700×339.png 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-1-250×121.png 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-1-768×371.png 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-1-120×58.png 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-1-245×119.png 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-1-500×242.png 500w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-1.png 1379w" sizes="(max-width: 700px) 100vw, 700px" /><p>TradingView</p></div>
<p>We can see that from the weekly timeframe—a chart often employed to identify the primary trend (assuming you’re a fan of Dow Theory)—price action has gradually decreased since February 2021. However, the recent pullback (the local uptrend since pencilling in a bottom around $18.00 in August 2022) tells me that the bulls are reasonably strong right now.</p>
<p>Ultimately, the weekly timeframe’s direction indicates an indecisive climate and that many sellers in this market (based on the daily chart) are unlikely to target much beyond the $24.00ish area.</p>
<div><img aria-describedby="caption-attachment-450061" decoding="async" class="wp-image-450061 size-large" src="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-2-700×338.png" alt="Silver (XAG/USD): Lack of Short-Term Support Daily Timeframe Echoes Short-Term Bearish Vibe" width="700" height="338" srcset="https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-2-700×338.png 700w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-2-250×121.png 250w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-2-768×371.png 768w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-2-120×58.png 120w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-2-245×118.png 245w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-2-500×241.png 500w, https://www.leaprate.com/wp-content/uploads/2023/08/FIN-LP-Silver-XAG-USD-Lack-of-Short-Term-Support-4924010682-graph-2.png 1379w" sizes="(max-width: 700px) 100vw, 700px" /><p>TradingView</p></div>
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<p><em><strong>Disclaimer:</strong></em></p>
<p>The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. FP Markets has made every effort to ensure the accuracy of the information as at the date of publication. FP Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, FP Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the FP Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from FP Markets website, www.fpmarkets.com and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. FP Markets recommends that you seek independent advice. First Prudential Markets Pty Ltd trading as FP Markets ABN 16 112 600 281, Australian Financial Services License Number 286354.</p>
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