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According to Les Echos, French technology and artificial intelligence company Mistral is investing €1.2 billion to build a new data center campus in Sweden.A Reuters poll found that 41 out of 57 economists surveyed expressed concern about the Federal Reserves independence being weakened after Powells term ends.A Reuters poll of 53 economists found that 49 of them believe the main risk is that the Federal Reserve under Kevin Warsh may set monetary policy too loose.A Reuters poll of 101 economists found that 60 believe the Federal Reserve will cut the federal funds rate by 25 basis points to a range of 3.25%-3.50% by the end of June (the January poll had no consensus).February 11th - Investinglive analyst Justin Low stated that all eyes are on the non-farm payroll data, with market participants awaiting news to react. Currently, traders expect the Federal Reserve to cut interest rates by approximately 60 basis points cumulatively this year, and have already priced in a further 25 basis point rate cut at the June meeting. Yesterdays weak consumer picture naturally reinforced this expectation. If todays non-farm payroll data is strong and the unemployment rate stabilizes, it suggests that the Fed may keep interest rates unchanged for a longer period. In an optimistic scenario, this could significantly reduce the risk of rate cuts in the first half of the year. However, given the mixed signals from yesterdays US consumer data, it is too early to completely rule out the possibility of further rate cuts in June or July.

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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