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EU High Representative for Foreign Affairs and Security Policy Kallas: Russia must pay for the damage caused to Ukraine.On October 23rd, the Swiss National Bank (SNB) decided to keep interest rates unchanged at 0% last month, according to meeting minutes released Thursday. The bank concluded that the Swiss economic outlook and future inflation meant negative interest rates were unnecessary. In its first release of the minutes, the SNB stated that monetary policy was currently supporting the economy, and the full impact of the previous rate cuts had yet to be felt. The SNB stated that US tariffs had only impacted a portion of the Swiss economy, with "little" evidence to date of negative impacts on exports spilling over to other sectors of the economy. The inflation forecast and economic outlook supported the rationale for maintaining monetary policy. Against this backdrop, the Governing Council concluded that further easing of monetary policy would be inappropriate.On October 23rd, the Swiss National Bank published the minutes of its interest rate-setting meetings for the first time on Thursday. This move signals an effort by the traditionally conservative central bank to catch up with other central banks. The SNB held its benchmark interest rate at zero last month, the lowest among major central banks. The bank warned that US tariffs have dimmed the outlook for the Swiss economy through 2026. The Federal Reserve has been publishing minutes of its rate-setting committee meetings since 1994, while the European Central Bank has been publishing details of its discussions since 2015.Swiss National Bank meeting minutes: There is little sign that the negative impact of tariffs is spreading from affected export-oriented industries to other areas of the economy.Swiss National Bank meeting minutes: The Swiss economic outlook remains uncertain.

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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