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July 27th - A weekend pause in attacks between the US and Iran boosted market expectations for a potential resumption of energy transport through the Strait of Hormuz. European benchmark natural gas prices fell sharply in early trading on Monday. ICE data showed that as of 07:35 GMT, the near-month benchmark contract at the Dutch TTF gas hub fell €4.69 to €58.89 per megawatt-hour. The UK near-month gas contract fell 11.44 pence to 142.67 pence per British thermal unit (BTU). Last week, natural gas prices rose to their highest intraday level since March, influenced by 13 consecutive days of attacks between the US and Iran. However, prices retreated to a six-day low after the two countries suspended their attacks. Oil prices also fell sharply, with analysts at ING saying in a morning report that this reflected a "market eager for positive news." They stated, "While this is the first substantial sign of easing tensions, the underlying reasons remain unclear." They added that the ceasefire has not yet led to any significant rebound in shipping traffic through the Strait of Hormuz.The one-year implied yield on the dollar against the Indian rupee was 2.82%, down 10 basis points on the day. Traders said the Reserve Bank of India may be conducting dollar-rupee swap operations.Iranian Foreign Ministry spokesman Bagaei: The mediators conveyed a message from the United States to us, but we are not currently negotiating with Washington.Iranian Foreign Ministry spokesman Bagaei: Iran has not asked the United States to resume negotiations.Germanys July IFO Business Climate Index will be released in ten minutes.

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.


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