EUR/USD 1.17672
-0.060%
Gold 4440.21
-2.010%
Oil 57.993
2.055%
USD/JPY 156.282
-0.132%
GBP/USD 1.34850
-0.132%
GBP/JPY 210.750
-0.263%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Russian Defense Minister Belousov: The combat operations of the Russian Armed Forces are proceeding ahead of schedule, and have reached their maximum operational pace in December.Russian Defense Minister Belousov: Everything is proceeding according to plan.On December 29th, Ukrainian President Volodymyr Zelenskyy posted on social media, stating, "We are working with the United States to develop a phased action plan—our strategy is to proceed gradually, clarifying when and how to finalize and coordinate arrangements with our partners. First, we plan to hold a meeting at the national security advisor level in the coming days. Defense Minister Umerov has contacted advisors from the US and Europe, and this meeting is expected to be held in Ukraine. Subsequently, all parties will complete the preparation of all documents at the advisor level, followed by an expanded meeting at the European leaders level, with participants including Ukraine and the Alliance of Will+ countries. Preparations for this meeting are underway. I began discussions on this immediately after meeting with President Trump, and have communicated with several partners, including French President Macron, and will continue to advance negotiations. This meeting will finalize the leaders level documents and lay the groundwork for meetings with President Trump and European leaders. All parties are seriously pushing for the relevant meeting to be held in January next year. After that, if everything proceeds as planned, we will hold talks with Russia in an appropriate format. We remain open to all forms of dialogue that have been discussed."Russian President Vladimir Putin has ordered a "decisive" halt to the Ukrainian armed forces attempt to break through the Kupyansk defense line.Russian Armed Forces Chief of the General Staff Valery Gerasimov: Ukraine has not taken any aggressive offensive actions.

XAG/USD maintains its position above the 100-day simple moving average (SMA) near mid-$19.00

Daniel Rogers

Nov 02, 2022 17:42

207.png

 

Silver struggles to gather traction on Wednesday and trades inside a limited range above mid-$19.00 through the early European session.

 

Technically, the overnight retracement decline from the $20.00 psychological level pauses at the 100-day simple moving average. This support coincides with the 50% Fibonacci retracement level of the current decline from the monthly swing high in October and should serve as a pivot point for XAG/USD.

 

Given the overnight breach of the aforementioned confluence barrier, the technical setup appears to favor bullish traders significantly. In addition, oscillators on the daily chart have just begun to move into positive territory, supporting the likelihood of a further appreciation. Thus, a new endeavor to achieve the $20.00 round number, which also marks the 61.8% Fibo. level, this appears to be a distinct possibility. Some follow-through buying has the potential to propel the XAG/USD higher towards an intermediate resistance level near $20.50 en route to $21.00.

 

In contrast, losses below the mid-$19.00s (100 DMA) may continue to attract buyers near the $19.00-$18.90 support zone, marking the 23.6% Fibonacci retracement level. level. A convincing breach below the latter will alter the short-term bias towards bearish traders and make the XAG/USD susceptible. The ensuing downward trend may therefore take the XAG/USD to the subsequent key support in the vicinity of $18.30 to $18.25. This is closely followed by the $18.00 round-figure mark, below which spot prices could attempt to test the yearly low, which was reached in September in the $17.55 region.

Suggestion