EUR/USD 1.16280
0.022%
Gold 4479.93
0.156%
Oil 89.643
0.003%
USD/JPY 155.619
-0.114%
GBP/USD 1.35280
0.026%
GBP/JPY 210.526
-0.081%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Venezuelan Oil Minister Henao: By the end of the year, Chevrons production in Venezuela will reach 300,000 barrels per day.On September 4th, Polish Deputy Prime Minister and Defense Minister Kosiniak Kamesz stated on the 3rd that, in light of recent activity by Russian military aircraft, Poland has decided to further strengthen its airspace defenses and increase the frequency of operations by its air force fighter jets and military helicopters. On the same day, Poland announced temporary airspace restrictions from September 10th to December 9th in parts of the countrys eastern region, primarily affecting low-altitude flights; civilian airliners flying normally at higher altitudes will not be affected. The Polish military stated that these measures aim to ensure greater operational space for its air defense systems in order to respond quickly to potential security threats.On September 4th, the Israel Defense Forces (IDF) stated on the 3rd that it had recently launched an operation in the Ali Taher Ridge area of southern Lebanon, achieving "operational control" over both above-ground and underground areas and clearing Hezbollah militants hiding in two underground tunnels. The IDF stated that the operation to dispose of this underground facility is ongoing and that it will continue operations in the so-called "safe zone" in southern Lebanon.Japans total household spending rose 0.5% month-on-month in July, below the expected 2.6% and the previous months -6.4%.Japans household spending in July fell 3.6% year-on-year, compared to a forecast of -1.6% and a previous reading of -3.30%.

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.


Suggestion