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February 20th – Amidst the resounding clang of gongs, the Hong Kong Stock Exchange opened its first trading day of the Lunar New Year (Year of the Horse). On the same day, the Hong Kong Gold Exchange also held its Lunar New Year opening ceremony. Hong Kong Financial Secretary Paul Chan Mo-po stated at the opening ceremony that the Hang Seng Index had risen nearly 6,500 points cumulatively during the Lunar New Year (Year of the Snake), an increase of 32%. IPOs (Initial Public Offerings) and subsequent fundraising both performed strongly, significantly improving stock market liquidity and attracting a highly internationalized source of funds. Chan expressed cautious optimism about the market outlook for the Year of the Horse. He believes that while the external environment remains complex and volatile this year, as long as Hong Kong maintains an open and fair market environment, continuously promotes market reforms, strengthens market infrastructure and development, and effectively manages and addresses various risks, the market will surely overcome obstacles and move forward like a galloping horse.The Norwegian Petroleum Authority reported that Norways preliminary oil production for January was 1.998 million barrels per day. Natural gas production was 11.3 billion cubic meters.Negotiated wages in the Eurozone rose 2.95% in the fourth quarter, up from 1.89% in the third quarter.Kremlin: It is impossible to discuss a peace agreement with Japan without changing the existing relationship pattern.Kremlin: It is not yet possible to confirm when a new round of Ukraine talks will be held.

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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