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July 17th - Eurozone inflation cooled slightly in June, remaining unchanged from the preliminary reading. Overall inflation was -0.1% month-on-month, primarily driven by a decline in energy price inflation (-1.8%). Looking at the breakdown, further cooling of energy prices led to a continued decline in overall year-on-year inflation, with the energy price inflation rate falling from 10.8% in May to 8.5% in June. Meanwhile, food and service price inflation also slowed further. The food price inflation rate fell from 1.9% in May to 1.5% in June, while the service price inflation rate fell from 3.5% to 3.2%. Overall, this pushed core inflation further lower. In summary, the inflation situation did not worsen in June, allowing the European Central Bank greater policy flexibility during the summer and more time to observe before deciding on its next monetary policy move. The current risk lies in the possibility that renewed tensions in the Middle East could trigger a new round of increases in oil and gas prices, further pushing up price pressures during the summer. In the longer term, this also increases the risk of a potential "second-round effect."The final reading of the Eurozones core CPI annual rate for June was 2.1%, compared to 2.2% previously.The final reading of the Eurozones June CPI annual rate was 2.8%, below the expected 2.80% and the previous reading of 2.80%.The final reading of the Eurozones core CPI for June was 0.2% month-on-month, unchanged from the previous month.The final reading of the Eurozones June CPI month-on-month rate was -0.1%, compared to a forecast of -0.10% and a previous reading of -0.10%.

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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