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On May 5th, at approximately 8:54 AM local time, an earthquake with a maximum intensity of 3 was observed in Iwate Prefecture, Japan. The Japan Meteorological Agency stated that the epicenter was located off the coast of the Sanriku region, at a depth of approximately 30 kilometers, and the estimated magnitude was 5.2. There is no risk of a tsunami.According to Nikkei, Japans JSR Corporation plans to establish its first semiconductor materials manufacturing plant in Taiwan and supply raw materials to TSMC.May 5th - Meta Platforms (META.O) is developing a financing plan for a data center in El Paso, Texas, with a total value potentially reaching approximately $13 billion. According to sources familiar with the matter, Morgan Stanley and JPMorgan Chase are leading the process. These sources stated that the majority of the financing is expected to be in the form of debt, with the remainder being equity financing. The sources indicated that discussions are still in the early stages and the specific terms are still being refined.Conflict Situation: 1. Market News: Russian attacks on the Kharkiv region of Ukraine have resulted in 5 deaths and 18 injuries. 2. Russian Ministry of Defense: A ceasefire will be implemented from May 8th to 9th, 2026, and Russia hopes that Ukraine will reciprocate. 3. Russian Ministry of Defense: If Ukraine attempts to disrupt Victory Day celebrations, a large-scale retaliatory missile attack will be launched on the center of Kyiv. 4. Zelensky: Ukraine has not received any proposals regarding a ceasefire on May 9th, and will implement a unilateral ceasefire starting at midnight on the 6th. Other Situations: 1. NATO stated it will continue to provide Ukraine with anti-missile missiles. 2. Zelensky called for European participation in the Ukraine-Russia negotiations. 3. The Russian Federal Security Service arrested 150 underground weapons manufacturers. 4. Zelensky: Ukraine and Europe agreed to accelerate the implementation of the drone cooperation agreement. 5. Austria announced the expulsion of three Russian diplomats; Russia stated it will respond strongly to Austrias decision.Market news: Meta Platforms (META.O) is developing a financing plan for a data center in El Paso, Texas, with a total amount potentially reaching approximately $13 billion. According to sources familiar with the matter, Morgan Stanley and JPMorgan Chase are leading the process.

Analysis of the Silver Price: 50-SMA Bearish Probing Near $23.00

Daniel Rogers

Dec 16, 2022 11:52

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The silver price (XAG/USD) oscillates around $23.00 on Friday morning as sellers flirt with the 50-day simple moving average (SMA) after confirming the rising wedge bearish chart pattern the day before. Despite this, the price of the precious metal declines somewhat after falling the most since December 5th.

 

Nevertheless, bearish MACD signals bolster the downside bias, particularly following the rising wedge confirmation.

 

Consequently, despite recent inactivity, the precious metal is under pressure towards the 100-SMA support of $22.50.

 

After that, the monthly low of $22.00 and the late November bottom around $20.60 should provide support for the XAG/USD bears as they approach their theoretical target of $20.00.

 

In the meanwhile, recovery moves remain difficult unless the price remains below the three-week-old wedge's lower line, which was $23.40 as of press time.

 

Nonetheless, the weekly resistance line near the $24.00 mark and the top line of the aforementioned wedge, which was near $24.40 at the time of publication, could pose a challenge to the Silver purchasers.

 

In the event that the XAG/USD maintains higher than $24.40, the January high at $27.00 and the $25.00 level could attract buyers.

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