EUR/USD 1.14758
0.209%
Gold 4852.72
0.713%
Oil 95.848
-3.049%
USD/JPY 159.693
-0.101%
GBP/USD 1.32837
0.206%
GBP/JPY 212.136
0.165%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Israel Defense Forces: Recently, the Israel Defense Forces detected a missile launched from Iran heading towards Israeli territory. Defense systems are operational to intercept the threat.March 19th - Amid escalating tensions in Iran, the Bank of Japan maintained its benchmark interest rate. The yen rose 0.1% against the dollar to 159.64. The Iranian conflict has pushed up oil prices, exacerbating inflationary pressures in Japan, which is heavily reliant on Middle Eastern oil. The yen weakened overnight after Federal Reserve Chairman Jerome Powell stated that there would be no further rate cuts until inflation begins to decline. Sources familiar with the matter indicated that the Bank of Japan is still likely to raise rates, with the possibility of an April hike not ruled out. Market focus will shift to the press conference held by Governor Kazuo Ueda at 2:30 PM today for any clues regarding the timing of a rate hike. The recent depreciation of the yen has prompted warnings from Japanese officials. The Finance Minister stated that the authorities are fully prepared to act if necessary. However, strategists believe the threshold for intervention is high, as rising oil prices and robust US data fundamentally pushing the dollar higher may make it more difficult for authorities to find a reason to intervene.Bank of Japan: Japans economy is recovering moderately, but some sectors remain weak.Bank of Japan: We must pay attention to market trends and rising oil prices.Bank of Japan: Risks to Japans economic outlook include the situation in the Middle East, oil price volatility, and market developments, including foreign exchange rates.

Silver Price Analysis: XAG/USD Breaks Below the 200-Day Moving Average and Extends Its Drop Below $21.90

Daniel Rogers

Feb 15, 2023 14:33

 截屏2022-06-15 下午4.06.22_1024x576.png

 

Silver price remains below the bottom-trendline of a megaphone formation and below the 200-day Exponential Moving Average (EMA) at 21.95, a bearish indication for the white metal. A daily close below the latter would open the path for more losses, it should be noted. XAG/USD trades at $21.84 per troy ounce at the time of writing, following reaching a daily high of $23.

 

After falling below the bottom trendline of a megaphone formation, the XAG/USD has been unable to rebound $22.50, exposing the 200-day exponential moving average. A daily close is required to further solidify a change in the neutral bias to neutral-downwards, and it will reveal support zones that have not been tested since December of 2022.

 

If this scenario materializes, the first support for XAG/USD would be the daily low of $20.87 from November 28, followed by the swing low of $20.59 from November 21. Once the psychological level of $20.00 was cleared, it would be up for grabs.

 

In an alternative scenario, the XAG/initial USD's point of resistance would be the 200-day exponential moving average (EMA) at $21.94, preceding the $22.00 level. Once broken, Silver might target inside the megaphone formation, but first it must break the $22.20 support trendline.

 

It should be noted that oscillators such as the Relative Strength Index (RSI) indicate a negative continuation, whereas the Rate of Change (RoC) indicates that sellers are losing momentum. Consequently, the XAG/USD may settle in the region between $21.60 and $22.00, expecting a new catalyst before establishing its direction.


Suggestion