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On January 20th, it was reported that the United Nations Development Programme (UNDP) announced on January 19th that it will relocate nearly 400 positions from its New York headquarters to Europe. Approximately three-quarters of these positions will move to Bonn, Germany, while the remainder will relocate to Madrid, Spain. The UNDP stated that this adjustment is part of its institutional reforms aimed at adapting to the changing global financial and development environment, strengthening ties with host countries and partners, and enhancing its support for the worlds most vulnerable populations.On January 20th, British Foreign, Commonwealth and Development Secretary Yvette Cooper announced that the UK will double its troop presence in the Norwegian Arctic. Briefing the House of Commons on Greenland and broader Arctic security, Cooper stated that the UK will increase its Royal Marines in the region from 1,000 to 2,000 within three years. She also confirmed that the UK will participate in a series of exercises in the North Atlantic throughout 2026. "On Greenland, on tariffs, and on broader Arctic security, we are clear, principled, and unwavering in our commitment to protecting British interests," she concluded.Market news: The extremist group "Islamic State" claims responsibility for the attack on a Chinese restaurant in an Afghan hotel.On January 20th, Ukrainian President Volodymyr Zelenskyy stated on Monday that as the country prepares for a new wave of large-scale attacks from Russia, the Ukrainian Armed Forces are introducing a new dimension to their air defense system, forming small combat units to intercept drones in order to reform the existing air defense system. Earlier this month, a wave of attacks launched by Russia caused power and heat outages in thousands of apartment buildings, particularly in the capital Kyiv, and Ukraine is still dealing with the effects. Zelenskyy has repeatedly called for strengthened air defense capabilities, including increased assistance from Ukraines Western allies. In a video address that evening, Zelenskyy stated, "The Air Force will adopt new methods of air defense operations, involving mobile fire teams, drone interception, and other short-range air defense equipment." "The entire system will be revolutionized." Zelenskyy announced the appointment of Pavlo Yelizarov as the new Deputy Commander of the Air Force, responsible for overseeing and developing this innovation.Market news: Ukrainian President Zelenskyy announced the launch of a new air defense system.

Silver price analysis: XAG/USD declines from a 13-day-old resistance line below $21.00

Daniel Rogers

Mar 13, 2023 11:37

 截屏2022-07-29 上午11.05.40.png

 

Silver price (XAG/USD) maintains modest gains near $20.60 as it probes the metal's retreat from a key short-term resistance line on Monday morning. Despite this, the XAG/USD maintains its three-day winning trend and extends yesterday's recovery from the lowest levels since November 4, 2022.

 

Nonetheless, the impending bear cross on the MACD and the bullion's inability to remain above the 200-SMA, not to mention the failure to cross a two-week-old resistance line, give Silver price bears reason for optimism.

 

Consequently, the bullion remains on track to retest the two-week-old horizontal support zone close to $20.40. However, the metal's further decline may make it difficult to break the $20.00 psychological magnet.

 

The focus will then shift to the monthly low of $19.95 and the November 2022 low around $18.85.

 

On the contrary, recovery movements remain elusive unless the XAG/USD remains below the downward-sloping resistance line from late February, around $20.90 at the latest. The $21.00 round number also functions as an upside filter.

 

The previous week's high near $21.30 may serve as the last line of defense for the XAG/USD skeptics if Silver purchasers maintain control above $21.00.