S&P 500 comes off record high, silver price off 13-year peak while USD/JPY rises
S&P 500 comes off record high, silver price off 13-year peak while USD/JPY rises as US inflation picks up.
S&P 500 comes off record high
The US 500 has retreated from its most recent all-time high of 6302 amid rising US inflation.
While this week's high at 6302 marks a peak, the June high at 6215 may be revisited, together with the 7 July low at 6201.
Strong resistance is evident at the recent 6284 to 6302 highs
If this resistance area is surpassed, the 6400 region would likely be the next focus.
S&P 500 chart
USD/JPY tries to break through resistance
USD/JPY's recovery from its ¥142.69 early July low has brought it to its ¥148.65 May peak, which it is attempting to surpass in order to reach the 200-day simple moving average (SMA) at ¥149.67 as well as the psychological ¥150 mark. Further upward is the late March high at ¥151.21.
Minor support below the May peak at ¥148.65 can be observed at the 9 April high of ¥148.28 and the June peak of ¥148.03. Another potential support level is the March low at ¥146.55.
USD/JPY chart
Silver comes off 13-year high
The price of spot silver is seen retreating from its 13-year high of $39.1328 per troy ounce and may soon revisit its mid-June high of $37.3180. Due to inverse polarity, it should now act as support, together with the early and late June highs at $37.2290 and $36.8900.
While the April to July uptrend line at $36.6775 is maintained, the medium-term uptrend is expected to remain intact.
Minor resistance is located at the 14 July low of $38.0815, with more significant resistance at silver's $39.1328 13-year high.
Spot silver chart
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