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Euro Stoxx 50 futures and German DAX futures rose 0.6%.As of 8:30 AM Beijing time, spot platinum was up 0.29% and spot palladium was up 0.29%.Futures News, May 25th - According to foreign media reports, Malaysian palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Monday morning, primarily reflecting the potential tightening of export supplies due to new Indonesian policies, which could boost the outlook for Malaysian palm oil exports. Last week, Indonesia planned to establish a centralized export agency to handle the export of key commodities, including palm oil. This move could lead to tighter supply, thus benefiting Malaysian palm oil exports. Indonesia is the worlds leading palm oil producer and exporter. The strong rise in Chicago soybean oil futures last week, coupled with a weaker ringgit, also supported the palm oil market. The lower ringgit made it more affordable for buyers holding foreign currency to purchase palm oil. However, with the US and Iran nearing an agreement, the decline in Brent crude oil futures in Asian electronic trading on Monday, along with a decrease in Malaysian palm oil exports, will limit the upward momentum of the palm oil market.Singapores Ministry of Trade and Industry: Economic growth was driven by strong performance in wholesale trade, manufacturing, and the financial and insurance sectors.Singapores Ministry of Trade and Industry maintains its 2026 economic growth forecast of 2% to 4%, despite the continued rise in downside risks from the Iran war.

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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