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Chart: Speculative Sentiment Index on Friday, March 20, 2026Deutsche Bank: This new benchmark (forecast) carries two-way risks. If tensions in the Middle East ease quickly, the ECB may not raise rates at all. Alternatively, if there is a more prolonged disruption to energy supplies, the 2.50% rate may simply be a transitional phase towards a clearly tightening stance.March 20th Futures News: On March 20th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 165,075 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 17,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 360 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 4,160 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 36,100 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 57,880 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 43,120 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.March 20th - Rising oil prices are a headache for overseas importers, but they may be shifting the burden onto US assets. Following the US-Israeli attack on Iran, global oil import costs have increased, and the currencies of most major economies have been impacted against the US dollar. This double whammy creates a situation where, with a stronger dollar and soaring oil prices, overseas countries and companies may ultimately have to sell off their holdings of US stocks and bonds to pay for the suddenly more expensive oil. This is a risk worth monitoring, especially given the growing share of the US market held by foreign countries and governments. Bridget Kurana, a portfolio manager at Wellington Management, stated that so far, foreign investors havent needed to liquidate US assets to finance higher energy costs. However, if oil prices remain high, these countries (such as Japan and South Korea) may need to reduce their holdings of US stocks and bonds to raise funds for energy imports.Deutsche Bank: It expects the ECB to raise interest rates by 25 basis points each in June and September, whereas its previous forecast was to keep rates unchanged in 2026.

Silver Price Analysis: XAG/USD is around the daily high and is set for additional appreciation

Alina Haynes

Dec 26, 2022 19:12

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Silver receives new offers on Friday, snapping a two-day losing run and halting this week's retreat from an eight-month peak. The white metal maintains its bid tone throughout the first half of the European session and is currently positioned near the daily high, in the vicinity of $23.75.

 

The development of purchasing at the $23.40-$23.35 horizontal resistance breakpoint, which is now acting as support, favors bullish traders from a technical standpoint. The restrictive setting is backed by oscillators on the daily chart maintaining their positive bias and oscillators on the 4-hour chart regaining momentum.

 

Consequently, a subsequent rally toward recovering the $24.00 threshold remains a real possibility. The next significant barrier is located at the multi-month high, in the vicinity of the $24.30 region that was achieved on Wednesday. If this barrier is cleared, the XAG/USD should rise towards the $25.00 psychological level, with an intermediate barrier near the $24.60-$24.70 region.

 

On the other hand, the $24.40-$24.35 resistance-turned-support, which is also the daily low, should protect the near-term downside before to the $24.15 confluence support. The latter consists of the 100-period SMA on the 4-hour chart and an ascending trend line extending from the November low, which should provide a solid foundation for the XAG/USD.

 

A convincing breakthrough, followed by a decline below the $23.00 round number, will negate the positive view and alter the bias towards bearish traders. The XAG/USD may therefore become susceptible and accelerate its decline to test the $22.00 round-figure level, with some intermediate support in the $22.55-$22.50 horizontal zone.

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