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On June 17th, Jarden economists warned that the Reserve Bank of Australia (RBA) cannot accelerate the natural decline of inflation by adjusting interest rates. In their research report, they pointed out that the composition of inflation is more important than its level, and they expect core inflation to remain above 3% until the second half of 2027. They noted that the main reason for the significantly higher-than-expected inflation rate is not an overheated domestic economy, but rather related to fuel costs, which are beyond the control of officials or politicians. This situation should ease as the situation in the Middle East normalizes, but Jardens core concern is the extent to which cost pressures will affect Australian goods and services.June 17th - According to a Wall Street Journal survey of economists, 10 out of 12 believe the Philippine central bank is likely to raise its policy rate by 25 basis points to 4.75% on Thursday. Economists at Capital Economics noted in a report that the Philippines is one of the Asian economies most severely affected by the energy shock, and inflation has exceeded the central banks target range in recent months. The firm added that while inflation concerns may prompt the central bank to raise rates, it will also consider economic weakness in its decision-making. Two economists predict a larger rate hike, reaching 50 basis points. HSBC analyst Aris Dacanay believes the rate hike could be even larger given the central banks price stability target.Gold rose in early Asian trading on June 17th. Zaheer Anwari, CEO of The Revacy Fund, stated that improved market confidence, driven by easing concerns about energy supply disruptions, inflation, and interest rates, created a more favorable environment for gold. Traders are closely watching the decisions of several central banks this week. While the Bank of Japans rate hike supported Japanese bond yields and may limit golds upside, investors expect the Federal Reserve to keep rates unchanged. If the Feds updated economic and inflation forecasts remain positive, it could further boost gold prices. Furthermore, continued central bank position building will provide strong structural support. Anwari believes gold prices will find stable support around $4,000 per ounce.Goldman Sachs: We expect liquefied natural gas flows to return to normal by the end of July, later than our previous expectation of the end of June.On June 17th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4570%, and the lowest was 0.7080%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0230%, and the lowest was 1.0010%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0260%, and the lowest was 1.0010%.

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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