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US President Trump: The US and Iran will meet this weekend.On April 18th, Federal Reserve Governor Waller stated that he is cautious about the need for interest rate cuts in the near term due to the energy shock caused by the war with Iran, and warned that the conflict could have a lasting impact on inflation. In his speech, Waller outlined two main scenarios. In the first scenario, if the Strait of Hormuz reopens and trade flows return to normal, officials will be able to ignore the surge in energy prices and shift their focus later this year to the weak labor market. He stated that if this scenario occurs, "I think one prospect is that underlying inflation will continue to decline toward the 2% target, which would make me cautious about cutting rates now and more inclined to support the labor market through rate cuts later this year when the outlook is more stable." However, he warned that oil prices and the overall market are underestimating the risks of a prolonged conflict. "On the inflation front, the risk is that the longer the conflict lasts and the longer energy prices remain high, the greater the likelihood that these high prices will permeate into other prices, as businesses will factor in the high costs of energy inputs when pricing." He stated that if this scenario occurs against the backdrop of a weak labor market, it will limit policy options. In this scenario, he would weigh the risks of higher inflation against a weaker labor market. "If the risks of inflation outweigh the risks of the labor market, it could mean keeping the policy rate in its current target range."Bank of Canada Governor Macklem: High energy costs are squeezing consumer and business investment. We will not allow rising energy prices to translate into sustained inflation.Bank of Canada Governor Macklem: We do not want to raise interest rates too early, but we are aware of the associated risks.Bank of Canada Governor Macklem: There remains “considerable uncertainty” regarding the continued impact on tanker shipping.

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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