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On January 10, Michael Brown, senior research strategist at Pepperstone, said, "I think the non-farm payrolls report will only encourage the dollar to continue to rise, which has been the markets preference for some time. It will certainly help reinforce the theme of "American exceptionalism" and should keep the Federal Reserve relatively hawkish compared to other members of the G10 group. The biggest risk to the bullish view of the dollar is that market participants may seek to take profits/cut positions before Trumps inauguration early next week."On January 10, according to the Yemeni Houthi armed forces, the Amran Province in northwestern Yemen was hit by US and British air strikes on January 10 local time. In addition, CCTV reporters learned that explosions were heard in the Yemeni capital Sanaa.The main crude oil futures contracts continued to rise, among which fuel oil rose by 4.57%, SC crude oil rose by nearly 4%, and low-sulfur fuel oil rose by nearly 3%.On January 10, market analyst Enda Curran said that although this is not the final data for 2024 and there is a high probability of revisions, it confirms that the US economy is still in good shape, companies are hiring, and there are plenty of jobs. The downside is that people have begun to worry that progress in the fight against inflation will stagnate, and these data do not support the dovish view.Tip: The unrounded U.S. unemployment rate in December was 4.0855%, compared with 4.2457% in the previous month.

Silver Price Analysis: XAG/USD returns above mid-19.00s; bulls flirt with 100-day Simple Moving Average

Alina Haynes

Oct 26, 2022 15:25

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Silver rises on Tuesday's rebound from the 200-hour simple moving average support and adds follow-through momentum for the second consecutive day on Wednesday. The upward move takes the precious metal back over the mid-$19.00 range during the early European session, bringing it closer to Monday's nearly two-week high.

 

The XAG/USD is currently flirting with the 100-day simple moving average (SMA), which, if decisively broken, would open the way for a near-term advance. In the meantime, oscillators on hourly charts remain bullish and have only begun to move into the positive zone on the daily chart. This, in turn, increases the likelihood of a future breach of the aforementioned barrier.

 

The XAG/USD pair might then attempt to exceed the $20.00 psychological level and climb toward the next significant barrier near $20.50. Bulls might then attempt to retake the $21.00 round-number level. This corresponds to the 200-day exponential moving average, above which the momentum might finally drive spot prices back to the monthly swing high, around $21.25.

 

On the other hand, the $19.20 region appears to protect the immediate downside ahead of the $19.00 level and the 200-hour simple moving average, which is currently in the $18.80 zone. A convincing breach below could prompt some technical selling and make the XAG/USD susceptible to accelerate the decline towards the $18.30-$18.25 intermediate support en route to the next crucial level near $18.00.

 

Failure to defend the latter will nullify any near-term bullish bias and return the bias to favor bearish traders. The continuing decline has the potential to bring the XAG/USD pair closer to its September low of $17.55 for the year. The decline might extend to the next significant support near the $17.00 round-number mark.

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