EUR/USD 1.16742
-0.023%
Gold 4491.89
-0.684%
Oil 84.160
-0.095%
USD/JPY 158.451
0.190%
GBP/USD 1.36044
-0.007%
GBP/JPY 215.568
0.196%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 20th, following SK Hynixs US IPO and the subsequent plunge in AI-related stocks, the financing costs for global investors to leverage their investments in SK Hynixs Korean shares have halved in recent weeks. According to sources, several banks, including Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, are offering clients exposure to SK Hynix through swap transactions at a premium of approximately 150 to 300 basis points above the Secured Overnight Financing Rate (SOFR). In mid-June, some banks were offering clients seeking to establish or renew SK Hynix swap contracts at rates exceeding SOFR by 1000 basis points. Since May 1st, SOFR has fluctuated between 3.50% and 3.69%. Previously, banks quoted extremely high financing rates to allocate limited quotas among clients to meet the demand for new SK Hynix swap transactions, and in some cases, even rejected client requests outright. At that time, the AI boom had driven SK Hynixs Korean shares to rise 11-fold in the 12 months ending June 22nd. As market sentiment becomes extremely bullish, banks are concerned that their portfolios are overly concentrated in these stocks, potentially driving up their financing costs in the repurchase market. Sources say that some banks that previously rejected client requests are now actively seeking new business.The European-Mediterranean Seismological Centre reports a 4.2-magnitude earthquake in Chiapas, Mexico.The Indonesian rupiah rose to 17,790 against the US dollar.According to Reuters, shipping data in the Strait of Hormuz shows that the geopolitical stalemate between the United States and Iran has not improved.August 20 - The National Immigration Administration announced today that starting August 20, 2026, citizens of Kyrgyzstan and Vietnam will be eligible for the 240-hour visa-free transit policy and the 30-day visa-free entry policy in Hainan to travel to China. The number of countries eligible for the 240-hour visa-free transit policy has increased to 57, and the number of countries eligible for the 30-day visa-free entry policy in Hainan has increased to 61.

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