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On November 10th, the Ukrainian State Electricity Company announced that due to Russias continued attacks on Ukrainian energy facilities, most regions of Ukraine will experience 24-hour power rationing on November 10th. The company stated that the rationing will last from midnight to 11:59 PM, and industrial users power consumption will also be limited during the same period. The Ukrainian government also urged the public to conserve electricity during peak hours.On November 10th, Bezoss space company Blue Origin planned to launch its New Glenn rocket from Cape Canaveral, Florida, on Sunday, a key test in the startups path to challenging SpaceXs dominance. The approximately 97.5-meter-tall rocket will carry two spacecraft built by Rocket Lab to Mars. This mission marks New Glenns first mission for NASA. New Glenn successfully completed its maiden flight in January, reaching orbit, but its boosters failed to land. Similar to SpaceXs Falcon series, New Glenn is designed to be partially reusable, with boosters capable of multiple launches, thus reducing costs.On November 10th, New York Federal Reserve President Williams stated that financial pressures faced by low- and middle-income Americans could threaten the resilience of the U.S. economy, even as wealthier families benefit from the stock market boom. In an interview, Williams said the Feds December interest rate decision "will be a balancing act." He noted, "Inflation remains high and shows no signs of declining," but the U.S. economy "still exhibits a degree of resilience." Nevertheless, many Americans are still struggling with housing and living costs. There are signs that "low- and middle-income families are facing some constraints in terms of affordability," posing a risk to consumer confidence and spending. Williams also rejected calls to modify the Feds benchmark interest rate mechanism, stating that expectations of productivity gains driven by artificial intelligence are supporting the market, but he is concerned about potential over-investment and a stock market bubble.On November 10th, Russian Presidential Press Secretary Dmitry Peskov stated on the 9th that US President Donald Trumps recent announcement of plans to resume nuclear testing gave the impression that the US intended to begin nuclear testing in the near future. Russia needs clarification on this. Peskov said that Russian President Vladimir Putin has not ordered the immediate commencement of preparations for nuclear testing, and if any other country violates the nuclear testing ban, Russia will be forced to take reciprocal measures to maintain strategic balance.On November 10th, it was reported that on November 9th local time, U.S. Senate Majority Leader John Thune stated that a potential agreement to end the government shutdown was "progressing." However, Thune also noted that an agreement was not guaranteed, as senators needed time to read the proposal and it could take several hours before concrete action could be taken.

Analysis of the Silver Price: 50-SMA Bearish Probing Near $23.00

Daniel Rogers

Dec 16, 2022 11:52

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The silver price (XAG/USD) oscillates around $23.00 on Friday morning as sellers flirt with the 50-day simple moving average (SMA) after confirming the rising wedge bearish chart pattern the day before. Despite this, the price of the precious metal declines somewhat after falling the most since December 5th.

 

Nevertheless, bearish MACD signals bolster the downside bias, particularly following the rising wedge confirmation.

 

Consequently, despite recent inactivity, the precious metal is under pressure towards the 100-SMA support of $22.50.

 

After that, the monthly low of $22.00 and the late November bottom around $20.60 should provide support for the XAG/USD bears as they approach their theoretical target of $20.00.

 

In the meanwhile, recovery moves remain difficult unless the price remains below the three-week-old wedge's lower line, which was $23.40 as of press time.

 

Nonetheless, the weekly resistance line near the $24.00 mark and the top line of the aforementioned wedge, which was near $24.40 at the time of publication, could pose a challenge to the Silver purchasers.

 

In the event that the XAG/USD maintains higher than $24.40, the January high at $27.00 and the $25.00 level could attract buyers.