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On May 12th, yields on long-term UK government bonds surged. The yield on 20-year bonds rose to 5.734%, the highest since July 1998, up 12 basis points on the day; the yield on 30-year bonds rose to 5.794%, the highest level since May 1998, up 11 basis points on the day. The main reason for the sharp rise in yields was the further weakening of Prime Minister Starmers governing position, with a growing number of Labour MPs calling for his resignation. The rise in long-term bond yields reflects, to some extent, concerns about fiscal sustainability. UK bond investors are worried that Starmers successor may further increase borrowing. Financial markets are closely watching for signs of significant divisions among members of the UK government cabinet.May 12th - The US April CPI is expected to rise 3.7% year-on-year, marking the largest increase since September 2023; the March increase was 3.3%. The core CPI, excluding food and energy prices, is projected to rise 0.3% last month, and is likely to be rounded to 0.4%. March saw a 0.2% increase. The US Bureau of Labor Statistics, which compiles the CPI report, is expected to make a one-time adjustment to rents and landlord-equivalent rents. Lou Crandall, chief economist at Wrightson ICAP, stated, "The April report will include actual data for this portion of the rent sample, which should have a significant catch-up effect. We expect this particular factor to increase the core CPI increase by about 0.1 percentage points for the month."ECB Governing Council member Nagel: The baseline scenario includes two rate hikes.ECB Governing Council member Nagel: Our mission requires us to act when inflation expectations become unanchored, and we will see the results in June.May 12 - A shortage of ink caused by the Middle East conflict has forced Japans largest potato chip manufacturer to downgrade its packaging, the latest sign that the raw material shortage is worsening and impacting global markets. Tokyo-based snack company Calbee said on Tuesday it will temporarily adjust the packaging design of some of its most popular products, using only two ink colors. These products include potato chips, shrimp crackers, and fruit cereals.

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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