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UN Secretary-General António Guterres strongly condemns Saturdays attack on the UN Interim Force in Lebanon, which resulted in the death of a French peacekeeper and injuries to three others.April 19 – Asian Development Bank President Masato Kanda stated that the yen could face further pressure if the market perceives the Bank of Japan as too slow to address inflation risks. Kanda, a former top foreign exchange diplomat for Japan, told reporters Friday evening that investors are buying dollars during periods of global tension, partly because the US is an oil exporter, but even if these positions are unwound, the yen is unlikely to appreciate significantly against the dollar. He said, “The biggest reason is the interest rate differential. With the market particularly focused on potential actions by the Federal Reserve, if many believe the Bank of Japan will lag behind the curve in addressing inflation risks, the yen will be left behind.” Speaking in Washington this week at meetings of the International Monetary Fund and the World Bank Group, Kanda added that investors might also sell yen if they are concerned about Japan’s fiscal sustainability.The China Earthquake Networks Center officially reported that a magnitude 3.4 earthquake occurred at 05:27 on April 19 in Ando County, Nagqu City, Tibet (32.62 degrees north latitude, 90.36 degrees east longitude), with a focal depth of 10 kilometers.U.S. State Department: All parties agreed to facilitate the free movement of humanitarian personnel, assets, and humanitarian convoys.On April 19, Iranian Foreign Ministry spokesman Baghae posted a sarcastic message on social media, stating that the "international law" touted by the EU is nothing more than a tool used to lecture others while ignoring the US and Israeli aggression against Iran and the atrocities committed against Iranians. He argued that Europes long-standing inconsistency between words and deeds has rendered "international law" a mere hypocritical rhetoric. He countered that no international law prohibits Iran, as a coastal state, from taking necessary measures to prevent the Straits from being used for military aggression against it. As for the "unconditional right of transit," it became meaningless the moment the US and Israel brought military forces into the Straits backyard.

Silver Price Analysis: Near 50 DMA, XAG/USD rises to mid-$23.00s

Alina Haynes

Feb 03, 2023 15:21

Silver attracted buyers around its 50-day simple moving average (SMA) on Friday, halting its previous day's regression from its highest level since April 2022. In the early European session, the precious metal maintains a moderately bullish tone, although the intraday increase lacks bullish confidence.

 

The XAG/USD has formed a rectangle pattern on the daily chart during the previous half-month, bouncing in a typical range. This indicates traders' hesitation and calls for care before putting aggressive direction bets. The inability to gain acceptance above the $24.50 supply zone overnight validates the trading range resistance, which should now serve as a pivot point.

 

Given that technical indications on the daily chart have only recently begun to drift into negative territory, it would be smart to await a sustained advance beyond the aforementioned barrier before putting bullish wagers. The XAG/USD pair might then attempt to recapture the $25.00 psychological level for the first time since April 2022. On the way to $26.00, the momentum could be extended towards the next significant obstacle near the $25.35 region.

 

Conversely, any further decline below the horizontal zone between $23.40 and $23.30 may continue to find support around the $23.00 to $22.95 region. This is followed by support in the $22.75 range, which, if forcefully broken, could pull the XAG/USD to the next key support near the $22.20-$22.15 zone before the $22.00 level.