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December 8th - The pound edged lower as last weeks gains lost momentum. Monex Europe analysts noted in a report that the pound was one of the best-performing currencies last week, with improved risk sentiment and a weaker dollar outweighing concerns about significant fiscal austerity in the UKs budget last month. "We caution that the pounds recent strength could appear fragile if the global environment deteriorates or markets refocus on the UKs own challenges," the report stated. LSEG data showed the pound fell 0.1% to $1.3328, after hitting a six-week high of $1.3385 on Thursday.The German Association of Automotive Manufacturers (VDA) reported that new car registrations saw modest growth, partly attributed to the weak economy.The Eurozones December Sentix investor confidence index will be released in ten minutes.On December 8th, Dongtian Micro issued an announcement regarding abnormal stock trading fluctuations, stating that the companys stock price had deviated by more than 30% cumulatively over the past two trading days. After verification, the company confirmed that there were no errors or omissions in its previously disclosed information, that there had been no significant changes in the companys recent operations or internal and external operating environment, and that the company, its controlling shareholder, and actual controller had no undisclosed material matters concerning the company, or any material matters under planning. Furthermore, the companys controlling shareholder and actual controller did not engage in any buying or selling of the companys stock during the period of abnormal stock price fluctuations.The German Association of Automotive Manufacturers (VDA) predicts that sales of plug-in hybrid electric vehicles will decline by 5% to 286,000 units in 2026.

Silver Price Analysis: XAG/USD returns above mid-19.00s; bulls flirt with 100-day Simple Moving Average

Alina Haynes

Oct 26, 2022 15:25

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Silver rises on Tuesday's rebound from the 200-hour simple moving average support and adds follow-through momentum for the second consecutive day on Wednesday. The upward move takes the precious metal back over the mid-$19.00 range during the early European session, bringing it closer to Monday's nearly two-week high.

 

The XAG/USD is currently flirting with the 100-day simple moving average (SMA), which, if decisively broken, would open the way for a near-term advance. In the meantime, oscillators on hourly charts remain bullish and have only begun to move into the positive zone on the daily chart. This, in turn, increases the likelihood of a future breach of the aforementioned barrier.

 

The XAG/USD pair might then attempt to exceed the $20.00 psychological level and climb toward the next significant barrier near $20.50. Bulls might then attempt to retake the $21.00 round-number level. This corresponds to the 200-day exponential moving average, above which the momentum might finally drive spot prices back to the monthly swing high, around $21.25.

 

On the other hand, the $19.20 region appears to protect the immediate downside ahead of the $19.00 level and the 200-hour simple moving average, which is currently in the $18.80 zone. A convincing breach below could prompt some technical selling and make the XAG/USD susceptible to accelerate the decline towards the $18.30-$18.25 intermediate support en route to the next crucial level near $18.00.

 

Failure to defend the latter will nullify any near-term bullish bias and return the bias to favor bearish traders. The continuing decline has the potential to bring the XAG/USD pair closer to its September low of $17.55 for the year. The decline might extend to the next significant support near the $17.00 round-number mark.

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