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The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

Silver Price Analysis: XAG/USD is at a weekly bottom, and bulls are losing control below $24.00

Daniel Rogers

Jan 18, 2023 14:54

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Silver rebounds from the weekly low reached during Wednesday's Asian session and is currently in neutral zone, just below the $24.00 round-number mark.

 

Technically speaking, the price activity over the past month or so has formed an ascending channel, indicating a short-term positive trend. Moreover, the XAG/USD has been able to maintain a comfortable position above the 200-period SMA on the 4-hour chart. This, in turn, favors bullish traders and enhances the likelihood of further near-term increases.

 

Nevertheless, oscillators on the daily chart have been losing traction, while oscillators on the 4-hour chart have just begun drifting into negative territory. Therefore, any intraday advance is more likely to encounter resistance in the vicinity of $24.30, followed by the multi-month top in the vicinity of $24.50. Before putting further wagers, bulls may wait for persistent strength beyond the aforementioned obstacles.

 

The XAG/USD may then climb to challenge the upper limit of the aforementioned trend channel, which is now located in the vicinity of $24.80-$24.85. Some subsequent buying over the $25.00 psychological level will signal a new breakout and open the way for a near-term advance. This, in turn, might propel the precious metal to the next significant barrier in the vicinity of $25.35-$25.40.

 

On the other side, the 200-period SMA on the 4-hour chart, which is currently approaching $23.45, is expected to safeguard the immediate downside ahead of the trend-channel support near $23.30-$23.25. A convincing break below this level might make the XAG/USD susceptible to further declines below the $23.00 level and to the $22.60-$22.55 support region en route to the $22.10-$22.00 region.


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