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Reserve Bank of Australia Governor Bullock will hold a monetary policy press conference in ten minutes.The yield on Japans 20-year government bond fell 1.0 basis point to 3.135%.March 17th - Beijing released its economic performance data for January and February. New residential housing sales reached 664,000 square meters, a 10.9% increase, primarily driven by concentrated sales of affordable housing. In January and February, new commercial housing sales in Beijing totaled 934,000 square meters, a 1.3% year-on-year decrease, a significant narrowing of 5.6 percentage points compared to the 6.9% decrease for the whole of last year.March 17th - Thailands Deputy Prime Minister stated on Tuesday that Thailand has discussed the possibility of purchasing crude oil with the Russian government. He said the Thai Foreign Minister raised the issue at a meeting in Europe on Monday, and it is understood that negotiations are underway regarding the purchase of Russian crude oil. The Thai government will strive to keep domestic diesel prices capped at 33 baht (US$1.02) per liter.On March 17th, Rakuten Securities strategist Masayuki Kubota stated that if oil prices remain in the $90 per barrel range, Japanese companies willingness to invest in capital expenditures and private consumption are likely to remain robust. In this scenario, the negative and positive effects of rising energy costs will offset each other, limiting the drag on corporate profits. He believes that under this scenario, there is no need to revise his forecast of over 15% net profit growth for companies listed on the Tokyo Stock Exchanges main board for the fiscal year ending March 2027.

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.


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