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Hang Seng Index futures closed down 0.19% at 26,643 points in overnight trading, a discount of 6 points.On November 11th, JPMorgan Private Bank stated that the strong upward momentum in gold prices could push them above $5,000 per ounce next year, primarily driven by continued purchases by central banks in emerging market economies. Alex Wolf, Global Head of Macro and Fixed Income Strategy at the bank, pointed out that gold prices could reach $5,200 to $5,300 by the end of 2026, more than 25% higher than current trading levels. Global central bank gold purchases have been a key driver of the sharp rise in gold prices over the past two years. Policymakers seeking a store of value and asset diversification pushed gold prices to a record high of over $4,380 in October this year. Although prices have retreated somewhat in recent weeks, they are still up more than 50% year-to-date. Wolf stated that for many central banks, gold still represents a relatively small proportion of their foreign exchange reserves, especially in emerging market countries. He added, "We are still seeing them increasing their gold holdings, although the pace of purchases may slow due to rising prices."On November 11, Hamas spokesman Hazem Qasim stated on the 10th that Israel is deliberately expanding the "yellow line" area in northern Gaza, effectively altering the post-ceasefire border, and has failed to implement the previously agreed-upon ceasefire map. He described the recent Israeli military operations in several areas as a "systematic breach" of the ceasefire agreement. Qasim said Hamas, through the mediators, has requested heavy machinery to search for the bodies of Israeli detainees in the rubble, but continued Israeli restrictions are hindering the operation.U.S. Senate Republican Leader Thune: Im not sure if I can vote today.U.S. Senate Republican Leader Thune: (The voting process for the temporary funding bill) remains stalled.

Analysis of the Silver Price: XAG/USD creates a buffer around the 20-EMA at $22.60

Daniel Rogers

Dec 08, 2022 15:12

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In the early European session, the silver price (XAG/USD) is exhibiting a sideways auction profile around the immediate obstacle of $22.60. The white metal has regained equilibrium after correcting from the $22.80 barrier level. The market sentiment is extremely subdued as investors anticipate a potential catalyst for renewed impetus.

 

In the meantime, the US Dollar Index (DXY) is battling to surpass the crucial 105.40 barrier. Following Wednesday's turbulent action, S&P500 futures are exhibiting a quiet performance.

 

After testing the horizontal support established by the November 15 high of $22.25, the hourly price of silver recovered strongly. After a swift recovery, the precious metal is testing the 20-period Exponential Moving Average (EMA) near $22.60. Meanwhile, the 200-EMA at $22.20 is trending upward, indicating a bullish long-term trend.

 

For a decisive rebound, the Relative Strength Index (14) aims to retake the positive area of 60.00-80.00.

 

Should the Silver price above Friday's peak of $22.82, bulls will drive the asset toward the $23.00 round-level resistance, followed by Monday's peak of $23.52.

 

In contrast, the silver price would experience a sharp decline if it breaches the 200-EMA around $22.20. A recurrence of the same will drive the asset to its high on November 24 of $21.67. A breach of $21.67 support would expose the asset to more losses approaching the November 28 low of approximately $21.00.

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