EUR/USD 1.17649
0.072%
Gold 3328.28
0.070%
Oil 66.174
-0.210%
USD/JPY 144.624
-0.195%
GBP/USD 1.36616
0.045%
GBP/JPY 197.584
-0.131%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 4, the South Korean Joint Chiefs of Staff reported that the South Korean military controlled a North Korean person who crossed the military demarcation line on the evening of the 3rd. The South Korean Joint Chiefs of Staff stated that after the South Korean military found the relevant personnel in the area of the military demarcation line in the central and western parts of the country on the evening of the 3rd, they tracked and monitored them, carried out induced operations, and then controlled the relevant personnel. At present, the relevant departments are investigating them. The Joint Chiefs of Staff also stated that as of now, the North Korean army has no special movements.According to a Reuters poll: 31 of 37 economists believe the Reserve Bank of Australia will cut the cash rate to 3.60% on July 8, while six believe the rate will remain unchanged. The median forecast of economists shows that the Reserve Bank of Australia will cut the cash rate to 3.10% by the end of 2025 (down from 3.35% in the May survey).Japanese government officials: Japans household spending growth in May was the fastest year-on-year since August 2022, and the month-on-month growth rate was the highest since March 2021.Trump praised U.S. Treasury Secretary Besant, U.S. Senate Republican leader Thune and U.S. House Speaker Johnson for the passage of the "Big, Beautiful Act."Japans total household spending in May was 4.7% year-on-year, in line with expectations of 1.20% and the previous value of -0.10%.

Rising wedge confirmation lures XAG/USD bears towards $22.00, according to Silver Price Analysis

Daniel Rogers

Mar 22, 2023 14:43

42.png 

 

Silver price (XAG/USD) remains depressed around $22.30, circling intraday lows during a three-day downtrend entering Wednesday's European session.

 

The recent decline of the precious metal may be attributable to the affirmation of a two-week-old rising wedge bearish chart pattern and the bearish MACD signals.

 

Consequently, the price is poised to test the 200-Simple Moving Average (SMA) support level near $21.50 before falling to its theoretical target of $17.10.

 

Notably, the swing high from late February and the current monthly low, respectively $22.00 and $19.90, can serve as additional downside filters during the XAG/USD's continued decline.

 

In contrast, the wedge's lower line functions as immediate resistance for the Silver price near $22.70.

 

The 61.8% Fibonacci retracement of the metal's February-March decline, also known as the "golden Fibonacci ratio," could then challenge Silver purchasers near $22.85.

 

In the event that the XAG/USD remains firmer than $22.85, the top line of the aforementioned bearish chart pattern will join the late January swing low to emphasize $23.00 as a formidable barrier for the Silver bulls to overcome before regaining control.


Suggestion