EUR/USD 1.15287
-0.256%
Gold 4385.81
-2.670%
Oil 93.821
3.690%
USD/JPY 159.737
0.172%
GBP/USD 1.33225
-0.309%
GBP/JPY 212.814
-0.076%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: The chip security bill has made progress in the U.S. House of Representatives and is awaiting full review by both the House and the Senate.According to The Information, Microsoft has suspended hiring for its main cloud business and sales division.March 27 – According to the Wall Street Journal, citing sources familiar with the matter, Iran will not agree to meet to negotiate a possible ceasefire agreement until the United States agrees to reduce the demands of its 15-point plan. The sources indicated that Iran is open to talks but considers the US proposals excessive, including dismantling most of its nuclear program, ending support for regional allies, and limiting its missile program. Iranian and Arab officials stated that Tehran has ruled out discussing Irans missile program as a starting point for the talks. They indicated that Iran is also unwilling to commit to a permanent halt to uranium enrichment activities. The sources said that Iran also hopes to obtain assurances (preferably through a third party) that the United States and Israel will not retaliate with further attacks. One Iranian official stated that Iran remains willing to consider previously proposed restrictions on its nuclear program, including diluting its stockpile of highly enriched uranium. The United States suspects that Iran may eventually use its stockpile of highly enriched uranium, far exceeding any civilian needs, to develop nuclear weapons.The Federal Reserve accepted a total of $885 million from 16 counterparties in its fixed-rate reverse repurchase operations.European Central Bank President Christine Lagarde: Energy disruptions could last for years, and the economic consequences will only gradually emerge.

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.


Suggestion