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On April 6, German Berenberg Bank said that due to the strong reaction of some US trading partners to the new tariffs and the widespread uncertainty, European economic sentiment in the second quarter may be worse than we previously expected. We lowered our forecast for real GDP growth in the euro area and the UK in the second quarter by 0.1 percentage point to 0.1% and 0.2% month-on-month respectively. This will lower our annual forecast for the euro area economy in 2025 to 0.9%, and our economic forecast for the UK in 2025 and 2026 to 0.9% and 1.3%, respectively.April 6, Germanys Berenberg Bank said that tariff uncertainty has not yet reached its peak. Trumps tariff shock has laid the foundation for negotiations. As long as the results of Trumps negotiations with various countries are unknown, companies around the world may hesitate to invest in the United States or its most affected trading partners. The failure of these negotiations may lead to rounds of tit-for-tat retaliation. Trump may also add new tariffs on specific industries, including medicines, which have so far been exempt from his reciprocal tariffs. We assume that in response to rising US inflation, economic turmoil and threats of retaliation, the United States will negotiate to cancel about half of its new tariffs on Europe by the end of the second quarter. Otherwise, the bank said it would have to further lower its forecasts for US and eurozone growth.The strong earthquake in Myanmar has killed 3,564 people, injured 5,012 people, and left 210 people missing.On April 6, German Berenberg Bank said that downward pressure on US economic growth has intensified. Based on the reciprocal tariffs announced on Wednesday, the sharp decline in US stocks (US households exposure to the stock market has reached a record high), and the continued rise in uncertainty that has hindered corporate investment and employment plans, we have lowered our forecast for US real GDP growth in 2025 from 2.3% to 1.7%, and GDP in 2026 from 2.0% to 1.6%. Due to the increase in tariffs and the recent rise in inflation expectations, we expect US inflation (measured by core PCE) to reach 3.0% in 2025, compared with the previous forecast of 2.7%.European Commission President Ursula von der Leyen will meet with British Prime Minister Starmer in London on April 24.

Silver Price Analysis: XAG/USD snaps a four-day downtrend as bulls approach the $22.30 resistance level

Alina Haynes

Feb 08, 2023 11:55

截屏2022-06-06 下午5.54.42.png 

 

Silver price (XAG/USD) purchasers tussle with the important Exponential Moving Average (EMA) barrier as the precious metal recovers from a two-month low to post its first daily gains in five sessions, gaining 0.60% intraday near $22.30 on Wednesday morning.

 

In doing so, the XAG/USD touches the 100-exponential moving average while recouping recent losses. Silver buyers are challenged by the bearish MACD signals and the metal's selling below the previous support line from early December 2022, which is now a resistance line around $23.05

 

Nevertheless, a decisive upside breach of the 100-EMA barrier near $22.30 might propel the price fast to $23.00 before exposing the support-turned-resistance line near $23.05

 

Multiple resistances could then confront Silver investors at $23.20 and $24.30 before pushing the price toward the monthly high of $24.63.

 

The 200-EMA and 38.2% Fibonacci retracement level of the metal's uptrend from September 2022 to early February 2023 provide significant support between $22.00 and $21.95.

 

In the event that Silver remains bearish beyond $21.95, the 50% and 61.8% Fibonacci retracements near $21.10 and $20.25 could pose a challenge to the XAG/USD bears. Also serving as a negative filter is the $20.00 round number.

 

Overall, the Silver price is likely to rise, but the bulls are still a long way from regaining control.