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On January 9th, Barclays Julien Lafargue stated in a report that tonights revisions to the US payroll data for the first few months will also be closely watched, as they should reveal the impact of the US government shutdown. Barclays doubts whether this data will significantly alter current market expectations that the Federal Reserve will keep interest rates unchanged in the first quarter. Nevertheless, the chief market strategist pointed out that the upcoming jobs report "is just one piece of the puzzle; the other pieces include inflation and the upcoming Supreme Court ruling on reciprocal tariffs."General Motors (GM.N) shares fell 2% in pre-market trading after the company announced a $6 billion impairment charge due to a decline in its electric vehicle business.According to the New York Times, Trump stated that owning Greenland has significant psychological implications.On January 9th, Premier Li Qiang chaired an executive meeting of the State Council. The meeting pointed out that revising the regulations on nature reserves and ensuring their coordination with laws and regulations such as the National Park Law will provide strong legal guarantees for the high-quality development of nature reserves. It is essential to adhere to the principle of prioritizing ecological protection and coordinating protection and development. In accordance with the characteristics and inherent laws of natural ecosystems, nature reserves should be protected holistically, restored systematically, and managed comprehensively. While ensuring ecological protection, public service functions should be enhanced, and a mechanism led by the government, with multi-party participation and social sharing should be established to achieve a unified approach to ecological protection, green development, and improvement of peoples livelihoods.According to the New York Times, Trump said he wants the United States to own Greenland.

Silver Price Analysis: Bullish bias imperiled as $23.00 support is probed by XAG/USD bears

Alina Haynes

Mar 28, 2023 15:06

截屏2022-06-06 下午5.54.42.png

 

The silver price (XAG/USD) accepts bids to renew intraday lows near $23.00 as bears prod short-term key support ahead of Tuesday's European session. In doing so, the precious metal penetrates the lower trend channel line from March 16.

 

Notably, the constant RSI (14) line converges with the 100-Hour Moving Average (HMA) to limit the short-term Silver price decline.

 

If the price breaches the $23.00 support and remains comfortably below the 100-HMA support encircling $22.95 then the XAG/USD bears could challenge the buyers' last line of defense at the $22.50 200-HMA level.

 

In the event that the Silver price remains adverse beyond $22.55, the market will focus on a two-week-long horizontal support area near $21.50.

 

In contrast, recovery advances require confirmation from $23.30 in order to challenge the monthly high of $23.52.

 

After that, the upper line of the previously mentioned bullish channel, which is close to $23.85, could limit the precious metal's further gains. It should be noted that the Silver price increase above $23.85 enables investors to challenge the February highs of around $24.65.

 

In conclusion, the price of silver is likely to fall further, even if the path to the south appears lengthy and rocky.

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