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February 8th - Iranian President Peskov stated on February 8th local time that the talks between Iran and the United States, facilitated by friendly countries in the region, were a step forward. Dialogue has always been a strategic choice for resolving issues peacefully. Iran and the United States held indirect talks on February 6th in Muscat, the capital of Oman. US President Trump stated on February 6th that the United States would resume negotiations with Iran earlier next week. He reiterated that Iran cannot possess nuclear weapons.February 8th - Australias two main opposition parties, the Liberal Party and the National Party, have reinstated their long-standing coalition after a split over a new anti-hate speech law. According to a joint statement from the leaders of both parties, the coalition officially resumed on Sunday. The coalition has held nearly two-thirds of the seats in power since World War II, but suffered a crushing defeat in last years election, leaving it with less than a third of the seats in the lower house of parliament. The partnership between the two center-right parties collapsed last month following the Bondi Beach terrorist attack and the subsequent Labor governments crackdown on hate speech.February 8th - The China Earthquake Networks Center officially measured a 3.8-magnitude earthquake in Luding County, Ganzi Prefecture, Sichuan Province at 14:06 on February 8th, with a focal depth of 10 kilometers. According to the Luding County Publicity Department, the earthquake was felt in the area. The Luding County Emergency Management Bureau is currently assessing the situation, and there are no reports of casualties or property damage so far.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.0 occurred near Luding County, Ganzi Prefecture, Sichuan Province at 14:06 on February 8. The final result is subject to the official rapid report.February 8th - Sources in the Indian refining and trading sectors indicate that Indian refiners are avoiding purchasing Russian oil for April delivery and are expected to stay away from Russian oil for an extended period. This move could help India reach a trade agreement with the United States. The US and India have taken a step towards a trade agreement, announcing a framework aimed at finalizing negotiations by March. A trader who has liaised with Indian refiners stated that Indian Oil Corporation, Bharat Oil Corporation, and Reliance Industries are currently not accepting offers from traders for Russian oil with loading dates in March and April.

S&P 500 Drops 2.7% As Tech Stocks Slide After Micron’s Report

Lorna Divakar

Dec 23, 2022 16:10

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Market Technical Analysis for Silver

The price of silver has slightly declined during Thursday's trading session as it seems that the resistance level above $24 will remain challenging to breach. The market may not have abruptly turned negative as a result, though; it's simply possible that we got ahead of ourselves in the near term. With that movement, it seems that we may be attempting to define a new trading range, with the $23 level serving as potentially a little bottom. It's feasible that we could descend below the $22 level, where it gapped, if we break down below there.


It is important to note that the 50-Day EMA is also close to the $22 level, which may be sufficient evidence that it acts as a little floor. I'm not really worried that we will make that move at this moment, but any move below there opens up substantial selling. After all, silver seems to be in great shape, so it seems natural that we would ultimately go to the $25 level. Remember that the Christmas season will result in very illiquid market circumstances, so it is not unexpected that some profit-taking is occurring. After all, why would you want to risk a lot of money at this time?


Longer term, it seems that silver will continue to get a little premium, but I also think that volatility will likely increase going forward. After all, a lot of "hot money" will be pursuing this market, so ultimately anticipate major swings.

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