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On February 3rd, Apurva Sheth, Head of Market Views and Research at Samco Securities in India, stated that the market should not have miraculous expectations for a US-India trade agreement. In a report, she pointed out that the US reduction of tariffs on Indian goods to 18% is likely to significantly boost previously subdued market sentiment, as this will allow Indian products to become more competitive in the US domestic market. However, she added that exports to the US account for only a small portion of Indias $4 trillion GDP, and the related boost is expected to be short-lived. Although the Indian benchmark Sensex index rose sharply at the open following this news, Sheth believes that the stock market needs "new long positions to be established" to maintain this upward momentum.Moodys: Indias full shift to non-Russian oil could also lead to supply shortages in other regions, pushing up oil prices and ultimately causing higher inflation.Moodys: U.S. tariff cuts on most Indian goods will revive Indian exports to the U.S.February 3 - It was learned on February 2 local time that the U.S. House Rules Committee passed a government spending bill that evening with 8 votes in favor and 4 against, paving the way for ending the partial government shutdown and proceeding to a full House vote. The bill, which had previously passed the Senate, includes five annual appropriations bills and a two-week temporary funding arrangement for the Department of Homeland Security (DHS) to allow Congress to continue negotiating on immigration enforcement-related disagreements.February 3rd, Futures Market News: Zhengzhou rapeseed meal futures opened flat and then fluctuated downwards. Canadian canola futures closed lower, with the benchmark contract down 0.46%, mainly dragged down by declines in international crude oil futures and Chicago soybean oil. Rapeseed meal spot prices followed suit, with Guangxi oil mills beginning to crush Australian canola. The market anticipates a gradual easing of the tight rapeseed meal supply situation, coupled with the end of pre-Chinese New Year stockpiling, suggesting downward pressure on rapeseed meal prices.

Silver Price Analysis: XAG / USD hovers around $20.00 ahead of US NFP

Alina Haynes

Mar 10, 2023 11:25

 截屏2022-06-07 下午5.18.01.png

 

Silver price continues to trade sideways on Thursday, in the absence of a catalyst, prior to the release of crucial US economic data. The Mexican Peso (MXN) is depreciating as a result of investors' risk aversion ahead of the US Nonfarm Payrolls report for February. At the time of writing, the XAG / USD exchange rate was $20.05, an increase of 0.19%.

 

XAG / USD remained steady throughout the day, unable to break above or below the $19.98-$20.28 range. However, investors should be aware that Silver fell below the 200-day Exponential Moving Average (EMA) at $21.80, indicating a downward bias for the precious metal. Notably, the 50-day EMA is approaching the 200-day EMA, and once it crosses below the latter, a death cross would exacerbate a decline toward the $18.84 daily low from November 3.

 

But first, XAG / USD must surpass the YTD low of $19.92. A breach of the latter will expose the psychological level of $19.00, followed by the daily low on November 3 at $18.84.

 

In an alternative scenario, the first level of resistance for XAG / USD would be the daily high of $20.06. Once cleared, the next resistance level would be the daily low-turned resistance from February 28 at $20.43, followed by the daily low-turned resistance from November 28 at $20.87.


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