EUR/USD 1.13961
0.090%
Gold 4039.46
0.272%
Oil 81.073
3.502%
USD/JPY 163.500
-0.220%
GBP/USD 1.33006
0.095%
GBP/JPY 217.470
-0.111%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On July 29th, Steve Englander, Global Head of G10 FX Research and North American Macro Strategy at Standard Chartered Bank, stated in a report that the bank believes there is no "urgent need" for the Federal Reserve to raise interest rates on Wednesday. By the September meeting, the Fed will have more data to inform its decision. This data includes two additional labor force, CPI, and retail sales figures, but it remains uncertain whether this will have a more significant impact on demand or core inflation. Fed Chairman Warsh is likely to face 2-4 dissenting votes on the decision to keep interest rates unchanged.On July 29th, Chen Feihong, a member of the Party Committee and First-Level Inspector of the Shenzhen Financial Regulatory Bureau, revealed at the bureaus press conference for the first half of 2026 that the bureau continued to leverage its real estate financing coordination mechanism. As of the end of June, banks under its jurisdiction had approved 443 "whitelist" projects and issued loans totaling 436.524 billion yuan. Simultaneously, the bureau actively collaborated with departments such as housing and construction to jointly advance key urban renewal projects.The Federal Statistical Office of Germany reported that German import prices rose 6.1% year-on-year in June (market expectation: 6.0%). Import prices fell 0.7% month-on-month in June (market expectation: 0.7%).The yield on Japans 30-year government bonds fell 6 basis points to 3.92%.On July 29th, Gordon Shannon, co-head of investment-grade at TwentyFour Asset Management, stated in a report that investors should expect the Federal Reserve to adopt a "tightening hold" approach at its meeting, while still maintaining a considerable probability of a rate hike. Although he anticipates a 25-50 basis point rate hike later this year, the moderate CPI inflation in June and weak employment growth suggest the committee can wait for more data.

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.


Suggestion