EUR/USD 1.04721
0.043%
Gold 2944.89
-0.263%
Oil 71.018
0.282%
USD/JPY 149.861
0.089%
GBP/USD 1.26305
0.053%
GBP/JPY 189.284
0.164%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On February 25, Apple’s official Weibo account announced that the official Apple Developer Account is now officially launched. Apple will provide news, announcements and event updates for the Chinese developer community through this official account.The acting commissioner of the IRS announced his retirement on Tuesday local time.The Hang Seng Tech Index opened low and ended high, turning positive during the session. It fell by more than 4% at the opening in the morning. Auto stocks led the gains, with Li Auto (02015.HK) rising by more than 13%, Xpeng Motors (09868.HK) rising by more than 5%, and Sunny Optical Technology (02382.HK) rising by more than 4%.On February 25, Bank of America Securities published a research report pointing out that Standard Chartered Bank (02888.HK) had mixed performance in the fourth quarter, including the reclassification of US$147 million in deposit insurance, which was also recognized in net interest income, but will be reclassified as cost again from the fourth quarter of 2024. The bank said that based on the good performance of revenue in the fourth quarter of last year and the long-term high interest rate environment, the groups earnings per share forecast for 2025 to 2027 will be raised by 1% to 6%, and the net interest income forecast for 2025 to 2027 will be raised by 8% to 9%. The bank said that it would raise its target price from HK$99.35 to HK$112, and reiterate its rating as underperforming the market.The main contract of the Container Shipping Index (European Line) narrowed its intraday decline to 0.67% and is now reported at 1,862 points, having previously fallen by more than 4.00%.

Silver Price Analysis: XAG / USD drops to a four-month low as bears attack $20.00

Daniel Rogers

Mar 08, 2023 13:50

Silver price (XAG / USD) remains depressed at the lowest levels in four months as sellers prod the $20.00 psychological magnet to reinvigorate the multi-day low during Wednesday's Asian session.

 

This extends the previous day's break of a six-month-old ascending support line, as well as the 61.8% Fibonacci retracement level of the metal's advance from September 2022 to February 2023. The pessimistic MACD signals strengthen the downside bias.

 

It’s worth noting, however, that the RSI (14) is in the oversold territory and hence multiple supports around $19.80 and $19.60 could restrict short-term XAG/USD declines.

 

Following that, the 78.6% Fibonacci retracement level encircling the $19.00 round number could entice Silver Bears before directing them to the lows marked in October and September of last year, respectively, around $18.10 and $17.55.

 

The 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, could limit short-term XAG / USD recovery at around $20.25 prior to the support-turned-resistance line from September 2022, which was near $20.60 at the time of publication.

 

In the event that the Silver price remains firmer than $20.60, the 200-day moving average and a one-month-old resistance line near $21.00 and $21.20 may act as the bears' last line of defense.


Suggestion