In this article, we have covered the highlights of global market news about the Silver Price, USD/JPY, Copper Price and S&P 500 Index.

Silver Price Analysis: XAG/USD will continue to fall towards the $17.92 support level.

Already having established a new high, silver is moving closer and closer to the critical support level of $18.65. The economists at Credit Suisse anticipate that there will be additional declines in the coming weeks and months.

“Silver has already finished a massive top and is getting closer and closer to the vital 61.8 percent retracement support of the whole 2020/21 up move, which is around $18.65. We anticipate this will serve at the very least as a temporary floor. On the other hand, if the momentum continues to deteriorate, it is conceivable that more deterioration towards the $17.92 support may occur within the next one to two months.

“From a purely technical point of view, Silver will not significantly stabilize until it rises over the 55-day moving average, presently sitting at $21.33.”

Since ancient times, silver prices have been tracked. Among its many uses, silver (XAG) is a valuable metal found in jewelry, cutlery, electronics, and money. In financial markets throughout the globe, silver prices are closely monitored. Silver has been exchanged for thousands of years and originally served as the underpinning for money.

USD/JPY: Attention moves now to 140.00

The 24-hour view: “While we did anticipate that the USD would appreciate yesterday, we believed that a sustained increase over 138.00 is doubtful.'” When the USD climbed to a new high of 139.39, we were caught off guard by the sudden acceleration to the upside. Despite being at an all-time high level of buying, the quick surge has not yet shown any indication of slowing down. In other words, the USD might keep climbing higher until it reaches 139.50. It is doubtful that the enormous resistance located around 140.00 will come into play for the time being. Support may be found at 138.60, and then at 138.30.”

Within the next one to three weeks: “We went bullish USD three days ago (12 July, spot at 137.20), and we predicted that USD might climb further to 138.00, as high as 138.50. Although we were correct in predicting that the USD would rise, we were not quite prepared for the lightning-fast pace at which it blew right through 138.00 and 138.50 yesterday on its way to a new all-time high of 139.39.

The acceleration of the price increase provides evidence that the USD will continue to gain strength. The next important level to pay attention to is at 139.50, and then at 140.00, which is a significant round-number level. On the other hand, a breach of 137.50 (the level of strong support was at 136.30 the day before) would signal that the upward solid pressure present recently has weakened.

Copper Price Analysis: A 61.8% retracement of around $6,844 is needed to level the market.

Copper is still seeing selling pressure and is now trading only a hair’s breadth above the previous yearly low. The market analysts at Credit Suisse anticipate that the metal will locate a stable support level at the $6,844 price point.

“We expect the 61.8 percent retracement at $6,844 to floor the market temporarily,” with the industrial metal holding just barely above the $7,291 last set YTD low. “We would expect the 61.8 percent retracement at $6,844 to floor the market.”

Key resistances may still be observed at the latest breakdown point, near $8,570/8,740.

S&P 500 Index: Around danger of more short-term weakening to long-term supports at 3522/05.

S&P 500 continues under pressure. According to the analysts at Credit Suisse, the near-term risk over the next two to four weeks is projected to be lower than it is now. However, crucial support is still anticipated around 3522/05.

The market has to break above the resistance level of 3946 to conduct a deeper rebound.

“A break below 3637 would likely set off additional weakening over the following two to four weeks, with the following support being around 3522/05, which is the location of the 50 percent retracement and the 200-week average. We would be inclined to seek at least a floor here if it were hit, especially in light of the waning momentum over the medium term.

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