EUR/USD 1.18208
0.563%
Gold 4981.50
0.923%
Oil 61.059
2.474%
USD/JPY 155.813
-1.645%
GBP/USD 1.36362
0.994%
GBP/JPY 212.474
-0.652%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ukrainian President Zelensky: It is too early to draw conclusions based on todays discussions.Sources say that protests by contractors have disrupted access roads to the Escondida and Saldivar copper mines in Chile.On January 24th, according to foreign media reports, a core group of political parties in the European Union is demanding that EU banking and market regulators, while fulfilling their supervisory responsibilities in the financial sector, should take into account the EUs declining industrial competitiveness. This call comes as the EU is undertaking a comprehensive revision of its financial regulatory framework. A document shows that the European Peoples Party (EPP), the largest group in the European Parliament and a center-right bloc, stated that "to help the EU achieve its broader economic growth goals," the scope of responsibilities for regulators should be broadened to explicitly include competitiveness as a consideration. These requirements would apply to all institutions responsible for supervising the EUs banking, securities, and insurance sectors. The Christian Democratic Union (CDU), led by German Chancellor Merz, has also joined the call for reduced regulatory burdens. Merz stated frankly in a meeting with banking officials last year that current EU financial regulations are "too stringent."January 24th - According to foreign media reports, the Mexican government is reassessing its decision to continue oil shipments to Cuba due to rising concerns about potential US retaliation or increased diplomatic pressure. The government of Mexican President Sinbaum believes that continuing fuel supplies to Cuba could trigger retaliatory measures or diplomatic pressure from the United States. Cuba faced severe energy shortages and frequent power outages after Venezuelan crude oil exports to Cuba were disrupted. Subsequently, Mexico became one of Cubas major oil suppliers, which the Mexican government describes as humanitarian aid and says is in line with long-standing bilateral agreements. Although the specific scale of shipments is not transparent, these supplies have significantly improved Cubas ability to obtain fuel.Sources say Mexico is assessing whether to halt oil shipments to Cuba due to fears of U.S. retaliation.

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