EUR/USD 1.16220
-0.093%
Gold 5165.57
0.489%
Oil 76.030
1.024%
USD/JPY 157.343
0.190%
GBP/USD 1.33699
-0.014%
GBP/JPY 210.369
0.198%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The number of Challenger job cuts in the U.S. in February will be released in ten minutes.Gold prices rose on March 5th, approaching the $5,200 per ounce mark, as the ongoing conflict in the Middle East boosted demand for safe-haven assets. New York gold futures rose 0.8% to $5,175.20 per ounce. ING analysts stated, "The inflationary impact of the Middle East conflict, through a significant increase in energy prices, could reinforce market expectations that interest rates will remain high for a longer period, which is a negative factor for non-interest-bearing assets such as gold. However, high geopolitical uncertainty continues to support risk premiums, and despite the challenging interest rate environment, it still helps to solidify the price floor."March 5 – The European Council formally adopted the revised European Climate Law on March 5, stipulating that net greenhouse gas emissions must be reduced by 90% from 1990 levels by 2040. The revised regulations will come into effect 20 days after their publication in the Official Journal of the European Union and will apply directly to all EU member states. The European Commission will submit related proposals to implement the binding EU 2040 climate targets.The French Army General Staff stated that France has requested that US military resources not be used for operations involving Iran, but only for defending regional allies.The French Army General Staff has granted temporary approval for US military aircraft to remain temporarily at some French bases.

Silver Price Analysis: XAG / USD hovers around $20.00 ahead of US NFP

Alina Haynes

Mar 10, 2023 11:25

 截屏2022-06-07 下午5.18.01.png

 

Silver price continues to trade sideways on Thursday, in the absence of a catalyst, prior to the release of crucial US economic data. The Mexican Peso (MXN) is depreciating as a result of investors' risk aversion ahead of the US Nonfarm Payrolls report for February. At the time of writing, the XAG / USD exchange rate was $20.05, an increase of 0.19%.

 

XAG / USD remained steady throughout the day, unable to break above or below the $19.98-$20.28 range. However, investors should be aware that Silver fell below the 200-day Exponential Moving Average (EMA) at $21.80, indicating a downward bias for the precious metal. Notably, the 50-day EMA is approaching the 200-day EMA, and once it crosses below the latter, a death cross would exacerbate a decline toward the $18.84 daily low from November 3.

 

But first, XAG / USD must surpass the YTD low of $19.92. A breach of the latter will expose the psychological level of $19.00, followed by the daily low on November 3 at $18.84.

 

In an alternative scenario, the first level of resistance for XAG / USD would be the daily high of $20.06. Once cleared, the next resistance level would be the daily low-turned resistance from February 28 at $20.43, followed by the daily low-turned resistance from November 28 at $20.87.


Suggestion