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Iranian Foreign Ministry: We would like to remind the UN Secretary-General, the President of the Security Council, and all countries that have expressed concern about the ongoing unrest in the Sea of Hormuz and the Persian Gulf that the only factor contributing to the insecurity of shipping in the region is the illegal and aggressive behavior of the US and Israeli regimes.The Iranian Foreign Ministry stated that the US attack on Larak Island was a clear violation of the UN Charter, and called upon and reminded the UN Security Council and its Secretary-General to fulfill their responsibilities in maintaining international peace and security and to hold the aggressor accountable.On August 31, the Iranian Foreign Ministry stated that its armed forces launched an attack on a US military base in Jordan in response to the US attack on Larak Island. The Iranian Foreign Ministry emphasized that its armed forces will not hesitate to exercise their inherent right to self-defense and will respond appropriately and resolutely to any military aggression by the enemy. Clearly, the new US act of aggression and its ongoing consequences of the naval blockade and economic war against Iran bear full responsibility for the US regime and all parties involved in planning and carrying out these illegal US actions in any way.The Iranian Foreign Ministry stated that the US attack on parts of Larak Island violated Irans national sovereignty and territorial integrity.Irans Foreign Ministry: The United States and all parties supporting its military operations should bear full responsibility for the consequences of the escalation of the situation.

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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