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March 18 – In response to strong consumer backlash over price increases triggered by the war, Germany has taken action to limit the frequency of gas station price adjustments and strengthen antitrust oversight. According to a document from the Ministry of Economic Affairs, gas station operators are only allowed to adjust gasoline and diesel prices once a day at midday, while price reductions can be made at any time. Violators will face fines of up to €100,000 (approximately US$115,400). The ruling coalition will also strengthen antitrust enforcement by shifting the burden of proof from regulators to fuel suppliers operating in Germany. Companies will be required to prove compliance with the rules, rather than the authorities proving market abuse. These measures are Chancellor Merzs response to the oil price surge caused by the war with Iran. This month, fuel prices in Germany have risen to over €2 per liter (approximately US$2.3079), prompting calls for state intervention from lobbying groups, politicians, and voters.March 18th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 0.16% to 1114 yuan/gram, the Shanghai Silver futures contract fell 1.85% to 20088 yuan/kilogram, and the SC Crude Oil futures contract rose 2.74% to 756 yuan/barrel.Market news: The Public Diplomacy and Information Center of the Iranian Nuclear Energy Organization stated that, regarding reports of enemy projectiles hitting the Bushehr nuclear power plant, the National Nuclear Safety Systems Center confirmed that, fortunately, there was no financial, technical, or personnel damage, and no part of the nuclear power plant was damaged. This action violates all international regulations regarding the protection of nuclear facilities from military attack and could have irreversible consequences for the entire region, including neighboring countries in the Persian Gulf.According to the Washington Post, the United States has asked all embassies to review their security measures in response to recent attacks.Ukrainian President Zelenskyy: At the trilateral meeting with British Prime Minister Starmer and the NATO Secretary General, we discussed joint weapons production and coordination in this direction to strengthen Ukraine and Europe as a whole. It is crucial to continue strengthening our air defense capabilities and providing sufficient missiles for our air defense systems.

Analysis of the Silver Price: XAG/USD creates a buffer around the 20-EMA at $22.60

Daniel Rogers

Dec 08, 2022 15:12

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In the early European session, the silver price (XAG/USD) is exhibiting a sideways auction profile around the immediate obstacle of $22.60. The white metal has regained equilibrium after correcting from the $22.80 barrier level. The market sentiment is extremely subdued as investors anticipate a potential catalyst for renewed impetus.

 

In the meantime, the US Dollar Index (DXY) is battling to surpass the crucial 105.40 barrier. Following Wednesday's turbulent action, S&P500 futures are exhibiting a quiet performance.

 

After testing the horizontal support established by the November 15 high of $22.25, the hourly price of silver recovered strongly. After a swift recovery, the precious metal is testing the 20-period Exponential Moving Average (EMA) near $22.60. Meanwhile, the 200-EMA at $22.20 is trending upward, indicating a bullish long-term trend.

 

For a decisive rebound, the Relative Strength Index (14) aims to retake the positive area of 60.00-80.00.

 

Should the Silver price above Friday's peak of $22.82, bulls will drive the asset toward the $23.00 round-level resistance, followed by Monday's peak of $23.52.

 

In contrast, the silver price would experience a sharp decline if it breaches the 200-EMA around $22.20. A recurrence of the same will drive the asset to its high on November 24 of $21.67. A breach of $21.67 support would expose the asset to more losses approaching the November 28 low of approximately $21.00.

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