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As of the 2:30 closing bell, the main Shanghai gold futures contract fell 1.11% to 990 yuan/gram, the main Shanghai silver futures contract fell 3.44% to 18,192 yuan/kilogram, and the main SC crude oil futures contract rose 2.40% to 690 yuan/barrel.On May 20th, according to the Wall Street Journal, citing regional mediators and US officials familiar with the terms, Irans position in negotiations with the US to end the war has not changed significantly compared to previous rounds of unsuccessful proposals, raising questions about whether a "way out" of the conflict can be found. The mediators pointed out that Iran continues to insist on its core demands, including ending hostilities, obtaining economic relief, war reparations, and playing a monitoring role in the strategic Strait of Hormuz. Furthermore, significant differences remain with the US on the issue of demanding Iran shut down or permanently suspend its nuclear program. Regional sources say the US and Israel have been preparing for a new round of strikes against Iran in the coming days, with some even suggesting an attack could begin as early as next week.US Vice President Vance: This situation will not last forever, no matter what decision US President Trump makes regarding Iran.On May 20th, according to a report by Axios on May 19th, US President Trump convened a meeting with his national security team on the evening of May 18th to receive a briefing on military action plans against Iran. The report, citing two US officials, stated that the meeting focused on the next steps in the war against Iran, progress in diplomatic negotiations, and possible US military action. This briefing reportedly indicates that Trump is "seriously considering resuming military action against Iran." The report, citing sources familiar with the matter, stated that some proponents of a hardline stance against Iran believe Trump currently "has a desire to deliver a strong blow and force Iran to make concessions in negotiations."The Federal Reserve accepted a total of $12.911 billion from 22 counterparties in its fixed-rate reverse repurchase operations.

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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