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June 18, analysts at the financial website Forexlive said that as price pressures in the euro zone have eased further, the European Central Bank will have greater flexibility after entering the summer, so the initial estimate of interest rates has not changed. From the current situation, the market currently only expects the central bank to cut interest rates by about 21 basis points by the end of the year.British Government: Embassies and consulates will continue to carry out essential work, including providing services to British citizens.British Government: Families of staff at the British Embassy in Tel Aviv and the British Consulate in Jerusalem have been temporarily evacuated.The final annual core CPI rate for the euro area in May was 2.4%, in line with expectations and the previous value of 2.4%.The final annual CPI rate for the euro area in May was 1.9%, in line with expectations for 1.90%. The previous value was revised from 1.90% to 2.20%.

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.


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