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On August 5th, the Dow Jones Industrial Average and S&P 500 both extended their gains to 2%, while the Nasdaq Composite rose 2.7%. The Philadelphia Semiconductor Index rose by 7%, with Arm (ARM.O) up 17.4%, Intel (INTC.O) up 10.9%, AMD (AMD.O) up 9.3%, Broadcom (AVGO.O) and Qualcomm (QCOM.O) both up over 7%, and Nvidia (NVDA.O) up 2.5%.Fitch Ratings: New U.S. student visa rules will put pressure on some universities.American Petroleum Institute (API) CEO: Approximately 7 million barrels of oil are transported through the Strait of Hormuz every day.The Federal Reserve accepted a total of $2.551 billion from three counterparties in its fixed-rate reverse repurchase operations.August 5th - According to foreign media reports, a source familiar with the companys performance revealed that Chanel achieved double-digit sales growth in the first half of the year, surpassing luxury competitors including LVMH. Chanels comparable revenue grew by approximately 16% in the first half, with its fashion division, the companys largest business, also achieving a similar level of growth. Chanel releases its annual results; data from May showed that sales are projected to grow by 1.8% to reach $19.3 billion by 2025. The source stated that Chanel achieved revenue growth in all regions in the first half of the year, with the US market leading the way with sales growth exceeding 25%. This trend continued into July; however, due to a higher base of comparison, full-year performance may be lower than the first half.

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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