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Futures News on February 24: Last Friday, the international commodity market generally fell, and the performance of crude oil can be described as diving, with a drop of more than 3%. 1. Obviously, even though crude oil has risen for several days before, it is still not a variety suitable for strong thinking. The latest data shows that the number of oil drilling rigs in the United States has increased by 7, indicating that Trump will implement his previous promise to reduce energy prices by increasing production, thereby easing inflation. At the same time, senior officials from the United States and Russia have recently had a series of positive contacts. In addition to the war issue, the repair of bilateral relations between the two countries is also discussed as a core issue. This will obviously make the market believe that the relationship between the two countries will warm up, and Russias previous crude oil export sanctions will be gradually lifted. Once the support from the supply side fades, oil prices will easily fall. After all, in the context of the transformation of the global energy industry, the market and major institutions are not very optimistic about the demand prospects for crude oil. The recent rumor that OPEC+ will postpone the production increase plan again is actually a good confirmation. 2. Then, for the 04 contract of WTI crude oil, we need to focus on whether $70 can be held. For the 04 contract of Brent crude oil, $74 is a very important price barrier. Once it cannot be held and is broken downward, it is a pattern signal in technical analysis that the decline may continue.On February 24, the article stated that innovation is endless and policy support also needs to be continuously optimized. There is still room for improvement in the intensity and efficiency of fiscal and taxation forces to support scientific and technological innovation. In terms of intensity, we will coordinate financial resources, increase investment in science and technology, further focus on basic research and national strategic scientific and technological tasks, and fully support the key core technology research. In terms of efficiency, we will deepen the reform of the mechanism for the allocation and use of fiscal science and technology funds, improve the performance of fund use, and give full play to the leverage effect of fiscal funds. Research and improve the structural tax reduction and fee reduction policies that focus on supporting scientific and technological innovation and the development of the manufacturing industry, study the tax system that is compatible with the new business format, promote policies that are more in line with the demands of the market and enterprises, improve the accuracy of policies, promote the direct and quick enjoyment of policy dividends, and help enterprises innovate and develop.According to German news today: Lindner, chairman of the German Free Democratic Party, announced his withdrawal from politics.Ukrainian President Volodymyr Zelensky congratulated the CDU/CSU and Merz on their victory in the German Bundestag election.On February 24, the leaders of the 27 EU countries will hold an emergency summit on March 6 to discuss the Ukraine issue and the next steps regarding European security. European Council President Costa announced on Sunday that he would hold the summit in Brussels. Costa posted on social media: "We are at a decisive moment for Ukraine and European security." European Commission President von der Leyen and other members of the EU executive will visit Kiev on Monday to express support for Ukraine on the third anniversary of the outbreak of the Russian-Ukrainian conflict.

Despite recent retreat to $25.00, XAG/USD investors are in the driver's position, according to Silver Price Analysis

Daniel Rogers

Apr 06, 2023 11:45

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Following a volatile Wednesday that initially reaffirmed a one-year high before registering a daily loss, the silver price (XAG / USD) oscillates around $25.00 in the early hours of Thursday.

 

In doing so, the precious metal justifies the overbought RSI (14) while falling below a resistance line with an upward slope from April 2022.

 

Wednesday evening's quotation, however, signaled a corrective rise. The inability of the XAG/USD to overcome a three-month-old key support and previous resistance around $24.55-65 may be related. Moreover, the optimistic MACD signals support the rebound.

 

Therefore, unless it falls below $24.55, the price of silver is likely to remain stable.

 

Even if the price breaches the stated resistance-turned-support, a rising support line from mid-March near $24.05 can act as an additional filter to the south.

 

In the meantime, it may be difficult for recovery movements to surpass the multi-day-old resistance line near $25.30 as of press time.

 

In the event that the Silver price disregards the overbought RSI and breaches the aforementioned resistance level of around $25.30, the April 2022 high of around $26.25 may function as a stop during the probable run-up to the previous annual peak of $26.95.

 

Overall, the Silver price remains bullish despite the most recent decline. However, the metal's northward journey is likely to continue to be lengthy and turbulent.