EUR/USD 1.09423
-0.992%
Gold 3036.33
-2.501%
Oil 62.471
-5.781%
USD/JPY 146.825
0.520%
GBP/USD 1.28724
-1.731%
GBP/JPY 189.004
-1.200%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Ukrainian President Volodymyr Zelensky lashed out at the U.S. Embassy on April 5, calling its statement "weak" and failing to blame Russia for the missile attack on the Ukrainian city of Krivyh.On April 5, OPEC+ major members reiterated that they must strictly abide by their oil production quotas after the group unexpectedly announced an accelerated pace of production increases, causing crude oil prices to plummet. According to a statement released by the group on its official website on Saturday, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) noted that some member countries had failed to fully comply with production restrictions and had not further cut production as promised to make up for excess production. These countries were told to submit compensation plans by April 15. OPEC+ shocked the oil market last week when it announced that it would accelerate production increases. Delegates privately said the move was aimed at urging member countries such as Kazakhstan and Iraq to strengthen enforcement discipline.April 5th news: So far, the strong earthquake in Myanmar has caused 3,455 deaths, 4,840 injuries and 214 missing persons.On April 5, after US President Trump announced the "reciprocal tariff" plan, Apples stock price suffered a heavy blow for two consecutive trading days, and its market value shrank significantly. According to the calculation of investment bank Morgan Stanley, the imposition of tariffs on China will increase Apples costs by about US$8.5 billion each year. Reuters quoted analysts as saying that if Apple passes all tariff costs on to consumers, the retail price of iPhone16 Pro Max in the United States will rise from the current US$1,599 to US$2,300 (about RMB 16,750). During Trumps first term, Apple began to promote the diversification of its supply chain, but the Trump administrations plan to impose high "reciprocal tariffs" on Southeast Asian countries will undoubtedly hit Apples supply chain hard.Ukrainian military: Russian troops used cluster weapons in "brutal" attack on Krivelikh.

Analysis of the Silver Price: 50-SMA Bearish Probing Near $23.00

Daniel Rogers

Dec 16, 2022 11:52

 242.png

 

The silver price (XAG/USD) oscillates around $23.00 on Friday morning as sellers flirt with the 50-day simple moving average (SMA) after confirming the rising wedge bearish chart pattern the day before. Despite this, the price of the precious metal declines somewhat after falling the most since December 5th.

 

Nevertheless, bearish MACD signals bolster the downside bias, particularly following the rising wedge confirmation.

 

Consequently, despite recent inactivity, the precious metal is under pressure towards the 100-SMA support of $22.50.

 

After that, the monthly low of $22.00 and the late November bottom around $20.60 should provide support for the XAG/USD bears as they approach their theoretical target of $20.00.

 

In the meanwhile, recovery moves remain difficult unless the price remains below the three-week-old wedge's lower line, which was $23.40 as of press time.

 

Nonetheless, the weekly resistance line near the $24.00 mark and the top line of the aforementioned wedge, which was near $24.40 at the time of publication, could pose a challenge to the Silver purchasers.

 

In the event that the XAG/USD maintains higher than $24.40, the January high at $27.00 and the $25.00 level could attract buyers.

Suggestion