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June 20th - Market analysts predict gold will remain volatile next week as investors await the release of the US core personal consumption expenditures (core PCE) price index for clues about the Federal Reserves interest rate path. Stephen Innes, managing partner at SPI Asset Management, stated, "With the Fed now appearing more accustomed to changing circumstances and increasingly sensitive to upcoming inflation data, every major economic data release will have an impact, but the core PCE will be a key event for both gold and interest rate markets, and next week will be highly data-dependent." Innes also noted that stronger-than-expected inflation readings could boost the dollar, push up yields, and increase the risk of gold prices testing the $4,000 per ounce level. Gold investors should prepare for increased volatility and be wary of potential further sell-offs.June 20th - According to the China Railway Shanghai Group Co., Ltd., during the recent Dragon Boat Festival holiday, the group transported 4.031 million passengers, setting a new record for single-day passenger volume during the holiday. Today, the group expects to transport 2.49 million passengers and plans to add 93 passenger trains. Since the start of the Dragon Boat Festival holiday transport on June 18th, the group has transported a total of 7.584 million passengers, averaging approximately 3.792 million passengers per day, indicating strong holiday travel demand.According to Al Arabiya satellite television, Pakistans Interior Minister will travel to Tehran to meet with Iranian officials.Conflict Status: 1. Ukraine claims Russian military attacks on civilian boats and buses resulted in 1 death and 9 injuries. 2. The Ukrainian military claims to have attacked railway bridges in Russian-controlled Crimea. 3. The Kremlin: Russian airstrikes against Ukraine will continue; Ukraines policy is not aimed at negotiations. 4. Ukrainian Deputy Prime Minister: A Russian drone strike resulted in the death of a Panamanian crew member in the Black Sea. 5. Moscow Mayor Sobyanin reports that air defense forces shot down three drones heading towards Moscow. 6. Kyiv Electric Power Company DTEK: Russian attacks over the past two days have severely damaged DTEK energy facilities in Ukraines Dnipropetrovsk region. Peace Negotiations: 1. Zelenskyy stated that Ukrainian-Russian negotiations may resume, allowing Russia to finalize specific forms. 2. The Kremlin stated that Russia is willing to engage in dialogue with Europe but will not accept ultimatums. 3. European Commission President Ursula von der Leyen: When Russia comes to the negotiating table, we need a united European message. 4. European Council President Costa: We need to support Ukraine through diplomatic means, including establishing direct communication channels with Russia. Other developments: 1. The Central Bank of Russia cut interest rates by 25 basis points, compared to market expectations of a 50 basis point cut. 2. The International Atomic Energy Agency: Repairs have begun on the main transmission lines of the Zaporizhia nuclear power plant. 3. According to sources, Russias daily gasoline production this week has decreased by a quarter compared to the average daily level in June last year.US President Trump: US Secretary of Defense Hergsay is a born fighter. He has never known what it means to admit defeat. He has an extremely tough personality and is a person who loves the military from the bottom of his heart.

Silver Price Analysis: XAG/USD Breaks Below the 200-Day Moving Average and Extends Its Drop Below $21.90

Daniel Rogers

Feb 15, 2023 14:33

 截屏2022-06-15 下午4.06.22_1024x576.png

 

Silver price remains below the bottom-trendline of a megaphone formation and below the 200-day Exponential Moving Average (EMA) at 21.95, a bearish indication for the white metal. A daily close below the latter would open the path for more losses, it should be noted. XAG/USD trades at $21.84 per troy ounce at the time of writing, following reaching a daily high of $23.

 

After falling below the bottom trendline of a megaphone formation, the XAG/USD has been unable to rebound $22.50, exposing the 200-day exponential moving average. A daily close is required to further solidify a change in the neutral bias to neutral-downwards, and it will reveal support zones that have not been tested since December of 2022.

 

If this scenario materializes, the first support for XAG/USD would be the daily low of $20.87 from November 28, followed by the swing low of $20.59 from November 21. Once the psychological level of $20.00 was cleared, it would be up for grabs.

 

In an alternative scenario, the XAG/initial USD's point of resistance would be the 200-day exponential moving average (EMA) at $21.94, preceding the $22.00 level. Once broken, Silver might target inside the megaphone formation, but first it must break the $22.20 support trendline.

 

It should be noted that oscillators such as the Relative Strength Index (RSI) indicate a negative continuation, whereas the Rate of Change (RoC) indicates that sellers are losing momentum. Consequently, the XAG/USD may settle in the region between $21.60 and $22.00, expecting a new catalyst before establishing its direction.