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The UKs September CPI and Retail Price Index monthly rate will be announced in ten minutes.HSBC: Upgrade Halliburton (HAL.N) rating to buy from hold and raise target price to $30 from $23.Futures data for October 22nd: 1. WTI crude oil futures trading volume was 787,121 contracts, down 18,139 contracts from the previous trading day. Open interest was 1,997,905 contracts, down 10,297 contracts from the previous trading day. 2. Brent crude oil futures trading volume was 160,767 contracts, up 37,363 contracts from the previous trading day. Open interest was 220,859 contracts, up 822 contracts from the previous trading day. 3. Natural gas futures trading volume was 642,779 contracts, down 154,394 contracts from the previous trading day. Open interest was 1,682,050 contracts, down 24,242 contracts from the previous trading day.Futures News, October 22nd. Economies.com analysts latest view today: WTI crude oil futures saw limited gains at the previous trading days close. Although the Relative Strength Index (RSI) showed a positive signal after overbought conditions were lifted, providing a brief upward momentum and contributing to a small rebound, this bullish trading more reflects the markets attempt to regain upward momentum after a period of relative weakness. Currently, oil prices still face strong resistance at $57.80, a key obstacle limiting a sustained recovery. This is particularly true given that prices continue to trade below the 50-day moving average (EMA50) and the primary bearish trend remains clear, trading along a descending trendline, further confirming the current weakness of bullish momentum.Futures News, October 22nd. Economies.com analysts offer their latest view today: Spot gold prices successfully recovered most of the early morning losses during intraday trading, partially recouping yesterdays losses. Technically, the Relative Strength Index (RSI) formed a positive golden cross signal, suggesting the market is working to correct its previously oversold conditions and regain some bullish momentum in the short term.

Analysis of the Silver Price: 100-SMA and immediate resistance line probing XAG/USD buyer below $24.00

Daniel Rogers

Feb 01, 2023 15:28

 截屏2022-06-06 下午5.54.42.png

 

During early Wednesday's lethargic Asian session, the silver price (XAG/USD) fluctuates near the mid-$23.00s.

 

In doing so, the precious metal battles to defend yesterday's comeback from $23.00, the first positive day in four, while retreating from the 100-bar Simple Moving Average (SMA), which was approximately $23.70 at the time of publication.

 

The sluggish MACD indications that threaten Tuesday's corrective bounce also give the XAG/USD bears reason for optimism.

 

Notably, the metal's prolonged run-up over the $23.70 barrier may not be enough to satisfy Silver buyers, as a downward-sloping resistance line from January 16 near $23.85 threatens the metal's gains.

 

In addition, the $24.0 round number acts as a barrier to the upside; a breach of this level might accelerate the XAG/USD price to the previous monthly high near $24.55.

 

On the other hand, silver's retracement actions emphasize the $23.00 round number ahead of the previous weekly bottom near $22.75.

 

In the event that XAG/USD bears maintain control beyond $22.75, the December 2022 low around $22.00 will be in focus.

 

Despite recent fails to surpass important short-term obstacles, the Silver price remains on the radar of investors.


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