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On September 4th, Beata Manthey, chief analyst at Citigroup, stated that after a difficult period, European stocks, closely linked to the economy, are presenting an attractive entry point. With improving economic data and increased policy support, some of the hardest-hit sectors in Europe may have passed their most difficult period. Citigroups Economic Surprise Index, revised earnings forecasts across a broad range of sectors, and the steadily recovering business activity since the summer all indicate that the European economy is heading in the right direction. Manthey stated that European policymakers are taking concrete measures to protect industry development. She cited the automotive and chemical industries as examples, noting that these sectors previously faced significant pressure but may now have passed their most difficult phase. Furthermore, the recently introduced steel tariffs have already driven up domestic steel prices in Europe, while benefiting European steel producers who are exempt from these tariffs.Eurozone retail sales fell 0.6% month-on-month in July, below the expected 0.3% and the previous figure revised from -0.30% to 0.2%.Eurozone retail sales rose 0.6% year-on-year in July, below the expected 1.1% and the previous figure revised from 0.70% to 1.4%.A World Health Organization spokesperson said a warehouse storing medical supplies in Kyiv Oblast, Ukraine, was attacked overnight.According to TASS, U.S. Special Envoy Witkov and Trumps senior advisor Kushner will first visit Moscow and then Kyiv.

Silver Price Analysis: Bulls maintain control of the XAGUSD and could target the $22.50 supply zone

Alina Haynes

Nov 11, 2022 17:35

 截屏2022-11-08 下午5.37.02_1024x576.png

 

On Friday, silver extends its breakout momentum through the extremely significant 200-day simple moving average for a second consecutive session. During the early European session, the white metal reaches a five-month high, but struggles to achieve acceptance beyond the $22.00 round-figure threshold. However, the XAGUSD maintains its intraday gains and is currently trading in the $21.85-$21.90 range, up about 0.90% for the day.

 

The overnight rise from levels below $21.00 and subsequent strength above a technically key moving average bolster the likelihood of a near-term advance. However, the RSI (14) on the daily chart is close to entering overbought territory and aggressive bullish traders should proceed with caution. Before positioning for further gains, it is recommended to wait for some near-term consolidation or a slight drop.

 

Nevertheless, the XAGUSD is prepared to surpass $22.00 and may seek to test the next significant barrier near $22.45-$22.50. The aforementioned region represents a dense supply zone and may prove difficult for bulls to penetrate. However, some follow-through purchasing will signal a new breakout and pave the way for a move toward recovering the $23.00 round number. The momentum might eventually propel spot prices to a May swing high in the vicinity of $23.25 to $23.30.

 

In contrast, the daily low around $21.45 that coincides with the 200 DMA breakout point should protect the downside in the short term. Any more decline could be viewed as a buying opportunity and should be limited near $21.00. A decisive breach below might spark technical selling and bring the XAGUSD below the $20.40 support zone. Failure to defend the previously mentioned support levels could shift the near-term bias toward bearish traders.

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