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The yield on 30-year Japanese government bonds fell 3 basis points to 3.160%.Futures data for September 19th: 1. WTI crude oil futures trading volume was 673,285 contracts, down 57,565 contracts from the previous trading day. Open interest was 1,950,786 contracts, up 15,594 contracts from the previous trading day. 2. Brent crude oil futures trading volume was 121,667 contracts, up 12,556 contracts from the previous trading day. Open interest was 206,111 contracts, up 70 contracts from the previous trading day. 3. Natural gas futures trading volume was 529,696 contracts, up 152,770 contracts from the previous trading day. Open interest was 1,617,276 contracts, down 7,832 contracts from the previous trading day.On September 19th, analysts said the yen strengthened against G10 and Asian currencies generally after the Bank of Japan (BoJ) unexpectedly sent hawkish signals. Matt Simpson, senior market analyst at StoneX, noted that while the central bank held interest rates steady as expected, it announced the start of reducing its massive ETF and REIT holdings. "This marks an important symbolic step towards officially moving away from the ultra-loose policies of the Abenomics era," he said. "The key takeaway is that the BoJ has officially begun reducing its holdings of unconventional assets." Simpson added that this could also be a precursor to an October rate hike.Japans Minister of Economic Affairs and Security Sanae Takaichi: Plans to introduce tax credits and benefits will increase the tax-free income limit.On September 19th, HSBC issued a report raising its target price for SenseTime (00020.HK) by 82.4%, from HK$1.7 to HK$3.1, while maintaining a "hold" rating. This was primarily due to profit margins and competitive pressure. HSBC noted that SenseTimes share price has risen approximately 50% over the past month. HSBC believes approximately 20% of this increase is primarily due to its "1+X" strategic transformation, while 30% is attributed to improved market sentiment driven by AI. The "1+X" strategy is expected to drive improvements in the second half of the year through accelerated loss reduction, growth in generative AI, and a reduction in accounts receivable turnover days.

Silver Price Analysis: XAG / USD reverses from a six-week-old resistance level toward $22.00

Daniel Rogers

Mar 20, 2023 13:19

 截屏2022-06-06 下午5.54.42.png

 

As the Fed week gets underway, the silver price (XAG / USD) accepts offers to renew intraday lows near $22.40, reversing from the greatest levels since early February.

 

In doing so, the brilliant metal reverses from the horizontal area consisting of multiple peaks marked since February 3 at approximately $22.60.

 

Notably, the overbought conditions of the RSI (14) aid the XAG/USD in trimming recent gains near the multi-day high.

 

However, optimistic Silver purchasers are buoyed by bullish MACD signals and the metal's sustained trading above critical support levels.

 

A one-week-old ascending trend line near $21.90 and the 200-bar Exponential Moving Average (EMA) near $21.65 provide immediate crucial support.

 

The early-month swing high near $21.30 and the $21.00 round figure can act as additional downside filters for XAG/USD bears before targeting the monthly low of $19.90.

 

In the meantime, the Silver price rise above the aforementioned resistance line near $22.60 requires confirmation from the 61.8% Fibonacci retracement level of the metal's February-March decline, which is located close to $22.85.

 

After that, a rise to the Year-To-Date (YTD) high around $24.65 cannot be ruled out.

 

Silver prices are expected to decline overall, but the bears have a long way to go before regaining control.


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