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The US Chicago PMI for February will be released in ten minutes.The Dow Jones Industrial Average opened up 80.29 points, or 0.19%, to 43,319.79 on February 28 (Friday); the S&P 500 opened down 0.85 points, or 0.01%, to 5,860.72 on February 28 (Friday); and the Nasdaq Composite opened down 91.14 points, or 0.49%, to 18,453.278 on February 28 (Friday).Dell (DELL.N) fell more than 6% after its fourth-quarter revenue fell short of expectations.U.S. Democratic Senator Warren: Todays data shows that the Fed has a very small window to cut interest rates.February 28, Canadas economic growth accelerated last quarter and continued this momentum into the beginning of this year as the central banks aggressive interest rate cuts boosted household spending. Advance data showed that GDP grew 0.3% in January and 0.2% in December last year. This was the strongest growth since the second quarter of last year, and a rebound from the revised 2.2% growth rate in the third quarter. The Bank of Canada has been actively cutting interest rates last year to strengthen the economy, and the bank expects GDP to grow by 1.8% in the fourth quarter. These data may support the central bank to pause interest rate cuts at its next meeting on March 12. The Bank of Canada has said that they hope the economy will grow better in order to stick to the soft landing of the Canadian economy, and the broad growth of household consumption shows that interest rate cuts have successfully accelerated economic growth. Increased household spending, exports and business investment (especially residential construction) in the fourth quarter drove solid economic growth. Household consumption grew 5.6%, the highest increase since the second quarter of 2022.

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.

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