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On April 3, Iranian Ambassador to Egypt Mojtaba Ferdowsi Poul stated that if the United States decides to send troops to land on Iranian islands, it could lead to the Houthi rebels blocking the Bab el-Mandeb Strait. Ferdowsi Poul said, "We hope our enemies will not make another strategic mistake against Iran. If they want to land on or occupy Iranian islands, another strait will become like the Strait of Hormuz, which will trigger financial markets and the global economy. This is not the situation we want. We will not beg the Houthis, but they have this plan." Houthi political bureau member Mohammed al-Buhaiti previously stated that the movement might block the Bab el-Mandeb Strait connecting the Red Sea and the Gulf of Aden, but only against the invading nation.Futures News, April 3rd - According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Thursday, with the benchmark contract rising 2.7%, mainly due to a surge in international crude oil futures. US President Trumps statement that the US would continue attacks on Iran sparked market concerns about a potential long-term disruption to crude oil supplies, causing Brent crude futures to jump 7.8%, which boosted sentiment in the Chicago soybean oil market. The May contract closed near its intraday high, slightly below this weeks high of $69.68. The US Department of Agricultures weekly export sales report showed that for the week ending March 26, 2026, net sales of US soybean oil for the 2025/26 marketing year totaled 1,100 tons, a 53% increase from the previous week, but a 58% decrease from the four-week average.Federal Reserves Goolsby: The oil price shock adds another layer of uncertainty.Federal Reserves Goolsby: Uncertainty is leading to an environment of low hiring and low layoffs.Federal Reserves Goolsby: When gasoline prices rise sharply, some complications can arise that could push up inflation expectations. That would make things even more difficult for us.

Silver Price Analysis: XAG / USD declines from a crucial EMA confluence below $22.00

Alina Haynes

Mar 16, 2023 13:51

As it consolidates the previous day's gains and extends a retracement from a five-week high, the silver price (XAG/USD) retests its intraday low near $21.70 early Thursday. In doing so, the precious metal represents the fourth consecutive day that it has failed to cross the convergence of the principal Exponential Moving Averages (EMAs).

 

In spite of this, the 50-EMA joins the 100-EMA and 200-EMA in highlighting the $21.80-$90 region as a difficult nut to break for Silver buyers.

 

Nonetheless, bullish MACD signals and an upward-sloping trend line from early September 2022 limit the immediate downside of the XAG / USD around $20.00.

 

Prior to that, the previous weekly highs of approximately $21.30 and $20.00 could entice the Silver bears.

 

In the event that the Silver price remains adverse beyond $20.00, a decline to the November 2022 low near $18.80 cannot be ruled out.

 

On the other hand, a daily close above $21.90 appears required for the XAG / USD investors to regain control.

 

Even so, the $22.00 threshold and January's low near $22.75 could present a challenge to Silver purchasers before they gain control.

 

Overall, the Silver price does not enter the buyer's radar until it surpasses $21.90. However, the negative appears to be limited as well.


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