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February 10th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 1.00% to 1127 yuan/gram, the Shanghai Silver futures contract rose 5.24% to 20934 yuan/kilogram, and the SC Crude Oil futures contract rose 2.13% to 471 yuan/barrel.The White House: The United States and Bangladesh have pledged to address non-tariff barriers in Bangladesh.The White House: The United States has pledged to establish a mechanism that would allow certain textile and apparel products from Bangladesh to enjoy zero-reciprocal tariffs.The White House announced that the United States and Bangladesh have reached an agreement on a reciprocal trade deal. The United States will reduce tariffs on goods originating from Bangladesh to 19%.February 10th - According to the Wall Street Journal, the White House is locked in a stalemate with Congress over a housing proposal by President Trump that would ban Wall Street investors from buying single-family homes. Trump administration officials have been pressuring Republicans in recent weeks to include the investor ban as an amendment to the Century 21 Housing Act, currently progressing in both houses of Congress, but lawmakers in both houses are resisting its inclusion. Any such amendment could undermine the Century 21 Housing Act and these two months-long, bipartisan housing legislations. The bill in Congress focuses on stimulating housing supply, but Trump has reservations about expanding supply, and his housing plan announced this year focuses more on stimulating demand. However, key Republican lawmakers are not currently inclined to do so. Representative Hill, chairman of the House Financial Services Committee, rejected the White Houses request to include the amendment in the Century 21 Housing Act. Republicans on the Financial Services Committee are also generally skeptical of the investor ban proposal, arguing that it violates free market principles and property rights.

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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