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Hang Seng Index futures closed up 0.59% at 19,426 points in the night session, 140 points higher.On January 16, the Federal Reserve Beige Book stated that during the reporting period, overall prices rose to a certain extent, ranging from flat to moderately rising. Most respondents in the reserve area said that sales prices had increased moderately, but there were also cases where prices remained flat or fell, especially in retail and manufacturing. Input costs also rose, and respondents specifically mentioned rising insurance prices, especially health insurance. Respondents expect prices to continue to rise in 2025, and some pointed out that tariff increases may drive price increases.Brent crude oil rose more than 2.00% during the day and is now trading at $81.32 per barrel.On January 16, the Federal Reserve Beige Book pointed out that during the reporting period, overall, employment conditions rose slightly, with 6 Federal Reserve districts reporting a slight increase in employment and 6 reserve districts reporting no change. Respondents in several service industries, including healthcare, continued to report an increase in employment. Construction employment increased slightly, while manufacturing employment remained flat. Respondents in multiple industries pointed out that it was difficult to find skilled workers, and reports of layoffs remained rare. However, respondents in some reserve districts showed greater uncertainty about future staffing needs. Wage growth in most reserve districts accelerated to a moderate level, although some reports said wage pressures had eased.US President Biden: The United States will participate in the first phase of hostage release.

Silver Price Analysis: XAG / USD hovers around $20.00 ahead of US NFP

Alina Haynes

Mar 10, 2023 11:25

 截屏2022-06-07 下午5.18.01.png

 

Silver price continues to trade sideways on Thursday, in the absence of a catalyst, prior to the release of crucial US economic data. The Mexican Peso (MXN) is depreciating as a result of investors' risk aversion ahead of the US Nonfarm Payrolls report for February. At the time of writing, the XAG / USD exchange rate was $20.05, an increase of 0.19%.

 

XAG / USD remained steady throughout the day, unable to break above or below the $19.98-$20.28 range. However, investors should be aware that Silver fell below the 200-day Exponential Moving Average (EMA) at $21.80, indicating a downward bias for the precious metal. Notably, the 50-day EMA is approaching the 200-day EMA, and once it crosses below the latter, a death cross would exacerbate a decline toward the $18.84 daily low from November 3.

 

But first, XAG / USD must surpass the YTD low of $19.92. A breach of the latter will expose the psychological level of $19.00, followed by the daily low on November 3 at $18.84.

 

In an alternative scenario, the first level of resistance for XAG / USD would be the daily high of $20.06. Once cleared, the next resistance level would be the daily low-turned resistance from February 28 at $20.43, followed by the daily low-turned resistance from November 28 at $20.87.


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