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On May 5th, the Reserve Bank of Australia (RBA) raised its benchmark interest rate for the third consecutive time, highlighting its determination to curb stubborn high inflation and solidifying its position as the "lone wolf" among major central banks globally. The RBA voted 8-1 to raise the cash rate from 4.1% to 4.35%, completely reversing the monetary easing cycle of last year. In a statement, the bank said that after three rate hikes, monetary policy is well-prepared to respond to changing circumstances, and the committee is focused on achieving its mandate of price stability and full employment, and will take all necessary actions to achieve this goal. Currently, most economists expect the RBA to remain on hold for an extended period, but a minority believe there will be at least one more rate hike, a view shared by the money market. With three consecutive rate hikes, the RBA committee is also signaling that it prioritizes its 2% to 3% inflation target over all other considerations. This aggressive stance puts further pressure on the Australian government. With one week to go before the annual budget is released, it is expected to address war-related energy price increases and provide temporary cost-of-living relief for households.The Reserve Bank of Australia (RBA) stated that the committee will focus on data and evolving outlook and risk assessments to guide its decision-making.Reserve Bank of Australia: Higher fuel prices are exacerbating inflation, and there are signs that this could have a broader secondary impact on the prices of goods and services.The Reserve Bank of Australia (RBA) stated that the Middle East conflict has led to a sharp rise in fuel and related commodity prices, further exacerbating inflationary pressures.Reserve Bank of Australia: There are early signs that many businesses facing cost pressures are beginning to seek to raise prices for their goods and services.

Analysis of the Silver Price: XAG/USD is grinding within a crucial Fibonacci retracement envelope

Daniel Rogers

Feb 09, 2023 15:00

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Early Thursday in Asia, the silver price (XAG/USD) retreated to $22.30, erasing the previous day's rebound gains. Nonetheless, the precious metal protects the weekly trading range inside the critical Fibonacci retracement levels of the quote's upward movement from late November 2022 to early February 2023.

 

Even if the $0.50 range has limited recent Silver price movement, RSI circumstances and the 21-bar Exponential Moving Average (EMA), which was around $22.50 at the time of publication, make it difficult for buyers to gain control.

 

In the event that XAG/USD breaches the weekly trading range between $22.10 and $22.60, denoted by the 61.8% and 50% Fibonacci retracement lines, the metal price might target $23.00.

 

After that, various obstacles near $23.10 to $15 could test the price's upward momentum before directing it to the $24.50 barrier. The monthly high of $24.63 also functions as an upward filter.

 

To persuade the Silver bears, a clear breach of the $22.10 range support must be supported by the $22.00 round number.

 

In that event, the November 24 peak around $21.70 and the November 29 swing low at $20.90 could serve as intermediate halts prior to emphasizing the $20.00 psychological magnet for XAG/USD sellers.

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