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February 23rd, Futures News: Economies.com analysts latest view: Brent crude oil futures prices have retreated, attempting to find a higher retracement low as a base to help them gain the necessary bullish momentum for a rebound and further gains. In the short term, the main bullish trend remains dominant, and prices continue to trade above the 50-day EMA, further enhancing the likelihood of a short-term rebound. Meanwhile, the Relative Strength Index (RSI), after digesting overbought conditions, has shown positive converging signals, providing strong support for Brent crude oil futures to achieve new gains.Despite the ban on European Central Bank staff receiving compensation, ECB President Christine Lagarde still received €140,000 from the Bank for International Settlements.Even as the US and Iran signaled their intention to negotiate, the risk of a US military strike against Iran remains. Russias Sputnik news agency reported on February 22 that, citing a former CIA operative, US media outlets stated that the US might launch a military strike against Iran on February 23 or 24.The China Earthquake Networks Center officially reported that a magnitude 3.3 earthquake occurred at 12:34 on February 23 in Yuli County, Bayingolin Mongol Autonomous Prefecture, Xinjiang (40.97 degrees north latitude, 84.31 degrees east longitude), with a focal depth of 18 kilometers.Former Bank of Japan board member Makoto Sakurai stated that if the yen weakens again before the expected Japan-US summit in March, the Bank of Japan could raise interest rates as early as March. Sakurai said, "Intervention in the exchange rate will only have a temporary effect on curbing yen selling pressure. The best way to deal with a weak yen is for the Bank of Japan to raise interest rates." Sakurai added that further yen depreciation would push up inflation by increasing import costs and offset some of the downward pressure from government fuel subsidies. He further added that if a significant yen depreciation is needed, the Bank of Japan could raise interest rates as early as March, citing the expectation of strong wage growth from companies and unions in the spring annual wage negotiations.

Silver Market Attempts Stabilization

Alina Haynes

Apr 27, 2022 10:09

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Technical Analysis of the Silver Markets

Silver markets fluctuated throughout Tuesday's trading session, as we continue to observe a high level of volatility in general. While it is evident that we have changed to a fairly pessimistic mentality, the candlestick on Tuesday shows that we may stabilize, if not bounce. That bounce, of course, is an indication that we may resume selling, until we breach the $25 barrier to the upside. The US dollar has been and will continue to be a wrecking ball for silver.

 

If we break below Monday's lows, the market might swiftly reach the $23 level, possibly even the $22 level. Because the $22 level beneath has been a significant support for a long period of time, I would be looking for buyers to enter this market. If we were to break it below that support zone, the ramifications for silver would be severe to say the least.

 

The 200 Day EMA is located at $24.30, and coupled with the 50 Day EMA, which is located at $24.74, this could act as a bit of a hurdle to the upside. Finally, I'll be searching for signs of tiredness that I may profit from, which I believe will occur very fast during any form of rise. Not only is silver concerned about the US dollar, but it is also concerned about a possible lack of demand if the economy does begin to stall.

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