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The Peoples Bank of China announced today that it conducted 402 billion yuan of 7-day reverse repurchase operations, with a bid amount of 402 billion yuan and a winning bid amount of 402 billion yuan. The operation rate was 1.40%, unchanged from the previous rate.Futures Commentary by Everbright Futures: On January 26th, COMEX gold continued its upward trend, slightly retreating at the close to $5004.8 per ounce, a gain of 0.50%. Domestic SHFE gold traded in a high-level range overnight, closing at 1148.14 yuan per gram, a gain of 1.49%. 1. A report from the US Department of Commerce showed that durable goods orders rose 5.3%, compared to a revised 2.1% decline in the previous month. This was the largest increase in six months, driven by orders for commercial aircraft and other capital equipment. On the news front, Polymarket data showed that the market is betting on a 78% probability of a new US government shutdown before the end of January, compared to less than 10% last Friday. 2. Geopolitically, the US Navys USS Abraham Lincoln carrier strike group has arrived in the Middle East and is about to conduct several days of combat readiness exercises. The US militarys deployment around Iran has raised concerns in the market that geopolitical tensions may be rising again. The Federal Reserves interest rate meeting is scheduled for this week, and the probability of a rate cut in January remains low. However, with the market already anticipating this, its impact on gold has actually decreased. Nevertheless, with Trump continuing to stir up trouble in Greenland and the current situation in Iran, geopolitical tensions are escalating rather than decreasing. This erosion of market confidence in the dollar is a strong boost for gold, and its safe-haven appeal is unlikely to diminish in the short term. A bullish bias is expected in the short term, with attention focused on the outcome of the selection process for the next Federal Reserve Chair.January 27th - Latest industry data shows that major UK retailers saw their fastest price increases this month since February 2024, driven by rising prices in food, furniture, health, and beauty products. The British Retail Consortium (BRC) Store Price Index shows that retail prices rose 1.5% year-on-year in January, up from 0.7% in December. Food prices rose 3.9% year-on-year, up from 3.3% in December, marking the largest increase since October last year. "Any claims that inflation has peaked are not supported by these figures," said BRC Chief Executive Dickinson. "Store price inflation surged this month as businesses faced persistently high energy costs and the continued pass-through of National Insurance (NPIC) increases. Meat, fish, and fruit were particularly affected."BHP Billiton has surpassed Commonwealth Bank of Australia to become Australias most valuable stock.Chart: Speculative Sentiment Index on Tuesday, January 27, 2026

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

Daniel Rogers

Mar 22, 2023 14:43

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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.