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Futures July 2, Economies.com analysts latest view today: In intraday trading, gold prices have fallen, which is a natural corrective trend. EMA50 remains an important technical support level for price movements in the short term. This decline is an attempt to get rid of the obvious overbought conditions on the (Relative Strength Index) RSI, especially with the emergence of negative signals, which may help prices accumulate new bullish momentum and support prices to resume their upward trend. It should be noted that the price has previously broken out of the bearish correction channel. As long as the price remains above the above support level and does not fall below the nearest support level, this will maintain the validity of the bullish view, otherwise it may weaken the expected bullish scenario.Futures July 2, Economies.com analysts latest view today: WTI crude oil futures continue to fluctuate in a narrow sideways range between the 65.56 resistance level and the 63.70 support level, indicating that the market is in a state of confusion and wait-and-see, waiting for new momentum to push prices out of this range. In the short term, bearish correction waves dominate, and as negative pressure from trading below EMA50 continues, if prices fail to break through the upper resistance level, the possibility of a decline is strengthened.On July 2, CICC published a Hong Kong stock strategy report, stating that the macro environment of Hong Kong stock industry rotation is: "Fund abundance + asset shortage = index volatility + extreme structure". The reason why the market presents this index volatility, but the characteristics of active structural market are determined by the three macro environments of insufficient overall economic returns, structural bright spots, and abundant funds. For the market, the Hang Seng Index has been fluctuating in the range of 23,000 to 24,000 points given by the bank in the past month. The corresponding risk premium and the optimistic sentiment are already equivalent to the high point in early October last year, so further optimism also requires more catalysts. CICC suggests that investors can moderately reduce their positions in the short term, or switch to AI Internet, which is expected to have a stable dividend and has cooled significantly compared with the beginning of the year, and wait for subsequent opportunities. If there is a large fluctuation, it can intervene more actively and buy back high-quality assets at a lower cost, but the premise is to keep the "bullet".Futures July 2, Economies.com analysts latest view today: Brent crude oil futures prices fluctuated, affected by the stability of the key support level of $66.50. If the subsequent price continues to remain stable, it will provide bullish momentum. However, in the short term, the bearish correction wave dominates the market, but because it is trading below EMA50, coupled with the negative overlap signal on the RSI, the negative pressure continues.Data released by BYD Denza Auto showed that it sold 15,783 vehicles in June, a year-on-year increase of 28.6%.

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.