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On May 10, according to the Islamic Republic News Agency (IRNA), Irans Ambassador Extraordinary and Plenipotentiary to Armenia, Khalil Sherhrami, emphasized that an agreement is possible if those countries that have illegally invaded Iran return to rational and logical practices in their policies and actions. In an interview with Armenian television on Saturday, Sherhrami stressed that the aggression against Iran by the US and Israeli regimes clearly demonstrates that Iran cannot be forced to surrender or accept extreme demands from either side through military means, pressure, or threats. He stated that Iran is willing to reach an agreement through negotiations, but this requires clear guarantees that the US will adopt rational and logical practices and ensure that it will not launch another military invasion of Iran. He also emphasized that Iran opposes the selective interpretation of international law and will never allow the Iranian nation to be deprived of its right to the peaceful use of nuclear capabilities.On May 10th, the head of the German Airports Association warned that due to the continued shortage of aviation fuel, more flights may be canceled in the future, and airfares may rise further. (Note: The German Airports Association is an industry organization representing the interests of German airport operators.) The German Press Agency (dpa) reported on the 9th that Ralf Bessel, CEO of the association, said in an interview with the German newspaper Die Welt: "We are concerned that more flights will be canceled, especially flights of low-cost carriers and flights to destinations less important to tourism." Bessel predicted that in the best-case scenario, passenger numbers will remain at current levels this year, while "in the worst-case scenario, capacity at some airports will decrease by 10%. If this is extrapolated to all airports, it will affect 20 million passengers."May 10 - According to the European-Mediterranean Seismological Centre, a 5.5-magnitude earthquake struck the coastal region of the Biobío Region in central Chile at 22:34 local time on May 9, with a focal depth of 34.3 kilometers. There are currently no reports of casualties or property damage.Israeli Foreign Minister: Two aid convoy activists have been expelled from Israel today.According to the official measurement of the China Earthquake Networks Center, a 3.2-magnitude earthquake occurred at 11:27 on May 10 in Qinghe County, Altay Prefecture, Xinjiang (45.81 degrees north latitude, 90.16 degrees east longitude), with a focal depth of 18 kilometers.

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.