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August 8th - The most important UK data next week will be the second-quarter GDP report released on Thursday. Deutsche Bank UK economists predict that June GDP will decline by 0.1% month-on-month, keeping second-quarter GDP growth at 0.4% in 2026, but downside risks have increased.August 8th - The most important data release next week will be the US July CPI report on Wednesday, followed by PPI data on Thursday. Deutsche Banks US economists expect overall consumer prices to rise 0.15% month-on-month, compared to a 0.42% decline in June; core CPI is expected to rise 0.26% month-on-month, unchanged from June. For PPI data, overall PPI is expected to rise 0.22% month-on-month (previously 0.13%).Yemens Ministry of Defense: Launches military operation against Houthi rebels.On August 8th, Torsten Slok, chief economist at Apollo Global Management, stated, "Inflation is no longer just an economic issue; its about the credibility of the Federal Reserve. Inflation has been above target since 2021. For the worlds number one central bank, high inflation has persisted for a very, very long time."August 8th - At 9:00 AM on August 8th, the Ministry of Transport raised its typhoon defense response to Level II. The center of Typhoon Dolphin (strong typhoon), the 13th typhoon of this year, was located at 9:00 AM today (August 8th) in the southern part of the East China Sea, approximately 520 kilometers east of Wenzhou City, Zhejiang Province. It is expected to move westward at a speed of 10-15 kilometers per hour, with little change in intensity or a slight increase.

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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