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August 21st, a survey showed on Thursday. British businesses had their strongest month in a year, driven by a rebound in the services sector. The preliminary S&P Global UK Composite PMI for August rose to 53.0, the highest since August last year, while market expectations only predicted a slight increase to 51.6. Chris Williamson, chief business economist at S&P Global Market Intelligence, said that after a sluggish spring, the pace of economic growth accelerated in the summer. "However, survey results from order books show that the demand environment remains uneven and fragile. Businesses reported that they are concerned about the impact of recent government policy changes and are also uneasy about broader geopolitical uncertainties." The services PMI rose to 53.6, but the manufacturing PMI fell to 47.3, further below the 50 growth threshold and hitting a three-month low as factories were hit by the global trade war led by Trump. Further complicating the Bank of Englands situation is that service industry companies raised prices at the fastest rate in three months.The UKs preliminary manufacturing PMI in August hit a three-month high, the preliminary services PMI hit a 12-month high, and the preliminary composite PMI hit a 12-month high.The onshore RMB closed at 7.1778 against the US dollar at 16:30 on August 21, up 15 points from the previous trading day.The UKs preliminary composite PMI for August was 53, expected to be 51.6, and the previous value was 51.5.The UKs preliminary services PMI for August was 53.6, in line with expectations of 51.8 and the previous value of 51.8.

Silver Price Analysis: The XAG/USD pair appears susceptible as it consolidates in a range below $22.00

Alina Haynes

Feb 22, 2023 15:11

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Silver struggles to get traction on Wednesday and trades in a limited range during the early European session. The precious metal stays below the $22.00 round-number level, and the technical setup continues to favor bearish traders.

 

The aforementioned handle corresponds with the 100-day Simple Moving Average (SMA) and limits the recovery from the YTD low, which was reached last Friday in the $21.20-$21.15 range. In addition, oscillators on the daily chart are firmly entrenched in bearish area, lending credence to the dismal forecast for the immediate future. This shows that the path of least resistance for the XAG/USD pair is down.

 

However, sustained purchasing above the 38.2% Fibonacci retracement level of the recent rise from October 2022, around the $22.15 area, could negate the negative bias and spark a short-covering rally. The XAG/USD could then accelerate into the $22.55-$22.60 supply zone en way to the $23.00 mark or the 61.8% Fibo. level, which could cap any further bullish advance.

 

In contrast, the 50% Fibo. level, located in the vicinity of $21.35, appears to operate as immediate support ahead of Friday's swing low, which is around the $21.20-$21.15 range. A decisive breach below $21.00 might send the XAG/USD to the $20.60 area. The downward trend might extend toward the $20.00 psychological level and the next significant support near the $19.75-$19.70 zone.



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