EUR/USD 1.03006
0.113%
Gold 2721.74
0.941%
Oil 77.454
-2.097%
USD/JPY 155.409
-0.679%
GBP/USD 1.22423
0.039%
GBP/JPY 190.260
-0.595%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On January 17, local time on January 16, the U.S. House of Representatives passed a bill aimed at deporting convicted illegal immigrant sex offenders with a vote of 274 in favor and 145 against. The bill was originally proposed by South Carolina Republican Congressman Nancy Mace to strengthen the crackdown on sex crimes and domestic violence crimes. Some Democrats voted against it, believing that the bill failed to fully consider the actual situation.Germanys DAX30 index closed up 28.40 points, or 0.14%, at 20,644.27 points on January 16 (Thursday); Britains FTSE 100 index closed up 91.54 points, or 1.10%, at 8,392.67 points on January 16 (Thursday); Frances CAC40 index closed up 160.15 points, or 2.14%, at 7,634.74 points on January 16 (Thursday); Europes The STOXX 50 index closed at 5,104.95 points on Thursday, January 16, up 72.64 points, or 1.44%; the Spanish IBEX 35 index closed at 11,833.23 points on Thursday, January 16, down 65.27 points, or 0.55%; the Italian FTSE MIB index closed at 35,821.00 points on Thursday, January 16, up 174.04 points, or 0.49%.U.S. Treasury auction for the eight weeks ending January 16 - the bid-to-cover ratio was 2.89, compared with the previous value of 2.81.The bid-to-cover ratio for the U.S. Treasury bond auction for the four weeks ending January 16 was 2.74, compared with the previous value of 2.92.The winning rate of the U.S. Treasury bond auction for the four weeks ending January 16 was 4.24%, and the previous value was 4.245%.

Silver Price Analysis: The XAG/USD pair appears susceptible as it consolidates in a range below $22.00

Alina Haynes

Feb 22, 2023 15:11

123.png 

 

Silver struggles to get traction on Wednesday and trades in a limited range during the early European session. The precious metal stays below the $22.00 round-number level, and the technical setup continues to favor bearish traders.

 

The aforementioned handle corresponds with the 100-day Simple Moving Average (SMA) and limits the recovery from the YTD low, which was reached last Friday in the $21.20-$21.15 range. In addition, oscillators on the daily chart are firmly entrenched in bearish area, lending credence to the dismal forecast for the immediate future. This shows that the path of least resistance for the XAG/USD pair is down.

 

However, sustained purchasing above the 38.2% Fibonacci retracement level of the recent rise from October 2022, around the $22.15 area, could negate the negative bias and spark a short-covering rally. The XAG/USD could then accelerate into the $22.55-$22.60 supply zone en way to the $23.00 mark or the 61.8% Fibo. level, which could cap any further bullish advance.

 

In contrast, the 50% Fibo. level, located in the vicinity of $21.35, appears to operate as immediate support ahead of Friday's swing low, which is around the $21.20-$21.15 range. A decisive breach below $21.00 might send the XAG/USD to the $20.60 area. The downward trend might extend toward the $20.00 psychological level and the next significant support near the $19.75-$19.70 zone.



Suggestion