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Asian stock markets opened with a cautious outlook on Friday after U.S. stocks paused their rally near record highs due to concerns about overheating. Japanese stock index futures rose, while U.S. stock index futures edged higher after the S&P 500 closed almost flat on Thursday, rebounding nearly 30% from its April low. "Asian markets may fluctuate slightly in early trading today as investors continue to focus on various geopolitical developments, with no particular bright spots on the economic calendar," said Nick Twidale, chief market analyst at AT Global Markets in Sydney. "We expect markets to be relatively quiet before the weekend, with some profit-taking, but this is often the time when traders are most likely to be caught off guard if something unexpected happens."On August 8th, the International Chamber of Commerce (ICC) issued a statement regarding the new round of US tariffs that officially took effect on the 7th. The statement stated that the new US regulations significantly increase complexity for businesses, placing a particular burden on small and medium-sized enterprises, and called on the US to provide clearer implementation guidance. ICC Secretary-General Denton noted in the statement that the impact of tariffs lies not only in the rates themselves, but also in the operational confusion and uncertainty they create. The new US tariffs make it difficult for exporters to determine applicable rates, and even multinational corporations with well-established compliance systems face difficulties. The statement also stated that global trade remains generally operating under WTO rules, and that many economies are sending positive signals toward trade liberalization.U.S. Treasury Secretary Benson: The Federal Reserves interest rate decisions lack logic.U.S. Treasury Secretary Bessant: Manufacturers are bearing the cost of tariffs themselves.Japanese government: Japans chief trade negotiator, Ryomasa Akasawa, has urged the United States to correct its executive order on reciprocal tariffs.

Silver Price Analysis: Bullish bias imperiled as $23.00 support is probed by XAG/USD bears

Alina Haynes

Mar 28, 2023 15:06

截屏2022-06-06 下午5.54.42.png

 

The silver price (XAG/USD) accepts bids to renew intraday lows near $23.00 as bears prod short-term key support ahead of Tuesday's European session. In doing so, the precious metal penetrates the lower trend channel line from March 16.

 

Notably, the constant RSI (14) line converges with the 100-Hour Moving Average (HMA) to limit the short-term Silver price decline.

 

If the price breaches the $23.00 support and remains comfortably below the 100-HMA support encircling $22.95 then the XAG/USD bears could challenge the buyers' last line of defense at the $22.50 200-HMA level.

 

In the event that the Silver price remains adverse beyond $22.55, the market will focus on a two-week-long horizontal support area near $21.50.

 

In contrast, recovery advances require confirmation from $23.30 in order to challenge the monthly high of $23.52.

 

After that, the upper line of the previously mentioned bullish channel, which is close to $23.85, could limit the precious metal's further gains. It should be noted that the Silver price increase above $23.85 enables investors to challenge the February highs of around $24.65.

 

In conclusion, the price of silver is likely to fall further, even if the path to the south appears lengthy and rocky.

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