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On October 13, Ukrainian President Zelensky said on Sunday that Ukraines counter-offensive in the southern Zaporizhia region and the Donetsk region has made progress. Donetsk is the core area of the conflict, and Kyiv has been reporting battle results in recent days. Kyiv said that for several weeks, the Ukrainian army has made progress near the town of Dobropilya. The town is close to the logistics hub of Pokrovsk, which is one of the key targets of the Russian armys slow westward advance in the Donetsk region. In his evening video speech, Zelensky said: "At present, Ukrainian troops are continuing their counter-offensive near Dobropilya, and are also operating in other directions, especially near Orishiv in the Zaporizhia region. There, our troops advanced more than 3 kilometers today."French Prime Minister Le Cornu: The governments goal is to obtain a budget before the end of the year.On October 12th, local time, an Israeli government spokesman stated that the IDF had withdrawn to the Yellow Line and hoped all detainees would be released as soon as possible. The spokesman stated that the Israeli detainees would be released in the early hours of the 13th local time. After all surviving detainees were released, Israel would prepare to receive the remains of the 28 victims. Once the release of the detainees was confirmed, the Palestinian detainees would also be released.French President Macron: The agreement reached in Gaza brings a glimmer of hope for peace in the Middle East, and the Russia-Ukraine conflict must end as soon as possible.French President Macron: France condemns Russias attack on Ukrainian infrastructure and is working with partners to restore critical services.

Analysis of the Silver Price: XAG/USD creates a buffer around the 20-EMA at $22.60

Daniel Rogers

Dec 08, 2022 15:12

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In the early European session, the silver price (XAG/USD) is exhibiting a sideways auction profile around the immediate obstacle of $22.60. The white metal has regained equilibrium after correcting from the $22.80 barrier level. The market sentiment is extremely subdued as investors anticipate a potential catalyst for renewed impetus.

 

In the meantime, the US Dollar Index (DXY) is battling to surpass the crucial 105.40 barrier. Following Wednesday's turbulent action, S&P500 futures are exhibiting a quiet performance.

 

After testing the horizontal support established by the November 15 high of $22.25, the hourly price of silver recovered strongly. After a swift recovery, the precious metal is testing the 20-period Exponential Moving Average (EMA) near $22.60. Meanwhile, the 200-EMA at $22.20 is trending upward, indicating a bullish long-term trend.

 

For a decisive rebound, the Relative Strength Index (14) aims to retake the positive area of 60.00-80.00.

 

Should the Silver price above Friday's peak of $22.82, bulls will drive the asset toward the $23.00 round-level resistance, followed by Monday's peak of $23.52.

 

In contrast, the silver price would experience a sharp decline if it breaches the 200-EMA around $22.20. A recurrence of the same will drive the asset to its high on November 24 of $21.67. A breach of $21.67 support would expose the asset to more losses approaching the November 28 low of approximately $21.00.

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