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On August 5th, former New York Fed President William Dudley wrote an article arguing that internal divisions within the Federal Reserve have been greatly exaggerated. He believes that last week was an outlier and that the actions of two governors did not undermine Chairman Powells position. Dudley noted that Wallers call for a Fed rate cut stems from his interest in succeeding Powell as chairman, while Bowmans call stems from his oversight responsibilities as Fed Vice Chairman. Dudley admitted that while he has indeed had his share of criticisms of the Fed, including flaws in its 2020 monetary policy framework and its failure to properly consider the costs and benefits of quantitative easing, he believes the attacks on Powells potential successors are excessive.On August 5, the US government issued a notice on August 4, local time, stating that under a pilot program to be launched in two weeks, the United States may require some tourist and business visa holders to pay a deposit of up to $15,000. This move is aimed at cracking down on tourists who overstay their visas.On August 5, the U.S. Embassy in Haiti issued an alert on August 4 local time regarding the intense shooting in the Tabar neighborhood near the embassy. The U.S. has closed the embassy in Haiti, suspended all official activities outside the embassy area, and confined staff to the embassy. Tabar is a town near the airport in Port-au-Prince, the capital of Haiti.Libyas National Oil Corporation (NOC) said in a statement it had signed a memorandum of understanding with Exxon Mobil (XOM.N) following a decade-long hiatus in its operations in Libya.The Dow Jones Industrial Average closed up 585.06 points, or 1.34%, to 44,173.64 on Monday, August 4; the S&P 500 closed up 91.93 points, or 1.47%, to 6,329.94 on Monday, August 4; and the Nasdaq Composite closed up 403.45 points, or 1.95%, to 21,053.58 on Monday, August 4.

Silver Price Analysis: XAG / USD is on the verge of dropping below $21.00.

Alina Haynes

Mar 07, 2023 11:49

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XAG / USD fails to extend last Friday's rally, retreats from weekly highs of around$21.30, and falls 0.92 percent, or 0.20 cents, in Monday's session. The XAG / USD is currently trading at $21.02, down from its starting price. After testing the daily low on February17, which turned into resistance at$21.18, the XAG / USD spot price declined, as bears eye $20.00. The XAG / USD must, however, overcome the $21.00 obstacle on its journey south. The March 3 low of $20.84 and the March 1 low of $20.68 would serve as the XAG / USD next supports after they are gone. The Yearly low of $20.43 would be revealed if the latter was breached.

 

The Relative Strength Index (RSI) has rounded the curve and is now aiming downward after emerging from oversold circumstances. This indicates that sellers are gaining traction, which is further supported by the Rate of Change (RoC), as purchasing demand is waning.

 

As an alternate possibility, the XAG/USD first resistance would be the March 6 peak at $21.30. Silver may rise toward the 20-day Exponential Moving Average (EMA) at $21.50 once investors retake that mark before falling to the 200-day EMA at $21.85.


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