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The National Bank of Kazakhstan reported that Kazakhstans gold and foreign exchange reserves totaled $59.983 billion in November, a 3.4% increase month-on-month.On December 9th, Reserve Bank of Australia (RBA) Governor Bullock emphasized at a press conference that inflation risks are skewed to the upside, noting that inflation and employment data will be crucial for the February meeting. Regarding this meeting, Bullock stated that the possibility of a rate hike or a rate cut has not been explicitly considered, but the possibility of tightening policy has been discussed. However, Bullock said that if inflation remains persistently high, the RBA may need to consider raising interest rates. Regarding future interest rate trends, Bullock expressed a data-driven approach, making decisions at each meeting. Bullock said, "We will not make predictions about the timeline for future actions; we will decide at each meeting."Reserve Bank of Australia Governor Bullock: The committee will take all necessary measures to reduce inflation.Reserve Bank of Australia Governor Bullock: Its inappropriate to react based on a single data point. The committees focus is now more on inflation, and they are wary that if inflation remains high, they may have to take measures.Reserve Bank of Australia Governor Bullock: This is a difficult situation. Our current position is broadly balanced, perhaps somewhat tightening, with financial conditions possibly neutral or slightly tight, and we must be very cautious.

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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