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The S&P 500 Energy Index opened 2.1% higher.On April 2nd, Iranian Parliament Speaker Mohammad Ghalibaf stated that seven million Iranians are ready to resist any US ground invasion of Iran. Ghalibaf, who has been considered a potential negotiator with the US, has posted a series of online challenges to the US since the start of the conflict. “Currently, in less than a week, a powerful nationwide movement has brought about approximately seven million Iranians to their feet, declaring their readiness to take up arms and defend our country,” Ghalibaf wrote. Iran is a country with a population of approximately 90 million. The source of this figure is unclear, but Iranian state media and SMS propaganda campaigns have been urging citizens to enlist.April 2nd - According to Japanese media reports on the 2nd, due to the protracted conflict in the Middle East and rising oil prices, All Nippon Airways (ANA) and Japan Airlines (JAL) will significantly increase fuel surcharges on international routes starting in June. The Japanese aviation industry typically adjusts fuel surcharges every two months. For example, for one-way flights from Japan to Europe and North America, compared to prices in April and May, ANA will increase its fuel surcharge by 23,100 yen (approximately 159 yen to 1 US dollar) to 55,000 yen starting in June, while JAL will increase its fuel surcharge by 21,000 yen to 50,000 yen, both increases exceeding 70%.The intraday gains for the main fuel oil contract narrowed to 8.00%, currently trading at 4550.00 yuan/ton.The International Monetary Fund welcomed the strong performance of the US economy.

Silver Price Analysis: XAG / USD is on the verge of dropping below $21.00.

Alina Haynes

Mar 07, 2023 11:49

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XAG / USD fails to extend last Friday's rally, retreats from weekly highs of around$21.30, and falls 0.92 percent, or 0.20 cents, in Monday's session. The XAG / USD is currently trading at $21.02, down from its starting price. After testing the daily low on February17, which turned into resistance at$21.18, the XAG / USD spot price declined, as bears eye $20.00. The XAG / USD must, however, overcome the $21.00 obstacle on its journey south. The March 3 low of $20.84 and the March 1 low of $20.68 would serve as the XAG / USD next supports after they are gone. The Yearly low of $20.43 would be revealed if the latter was breached.

 

The Relative Strength Index (RSI) has rounded the curve and is now aiming downward after emerging from oversold circumstances. This indicates that sellers are gaining traction, which is further supported by the Rate of Change (RoC), as purchasing demand is waning.

 

As an alternate possibility, the XAG/USD first resistance would be the March 6 peak at $21.30. Silver may rise toward the 20-day Exponential Moving Average (EMA) at $21.50 once investors retake that mark before falling to the 200-day EMA at $21.85.


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