S&P 500 Comes Off Record High, Silver Price Off 13-Year Peak While USD/JPY Rises

(MENAFN- DailyFX (IG)) 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 Source: TradingView Source: TradingView 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 Source: TradingView Source: TradingView 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 Source: TradingView Source: TradingView Important to know

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