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French industrial production rose 0.1% month-on-month in June, below the expected 0.3% and the previous reading of -0.10%.Frances June industrial production figures will be released in ten minutes.Futures Commentary by Everbright Futures: Geopolitical tensions eased again, and overnight London spot gold rose 0.57%, while SHFE gold closed up 0.87%. The reopening of the Strait of Hormuz raised concerns, causing oil prices to fall rapidly. Additionally, the US June JOLTS job openings fell more than expected. Gold may maintain a bottoming-out trend in the short term, with attention focused on Fridays non-farm payroll data. On the macroeconomic front, US June JOLTS job openings fell to 7.36 million from 7.54 million in May, below the expected 7.45 million, indicating a relatively stable labor market. The president of the Philadelphia Fed, a 2026 voting member of the Federal Reserve, stated that he remains open to the direction of monetary policy, and whether core inflation can continue to decline is a key factor in his judgment. Geopolitically, US-Iran negotiations continued to release easing signals, and expectations for the reopening of the Strait of Hormuz increased. While the US-Iran geopolitical situation continued to ease, the US dollar weakened, and although gold performed relatively strongly, it still exhibited a weak bottoming-out trend, failing to give the market stronger confidence. This may stem from investors apprehension about the upcoming non-farm payroll data.Japans Topix index rose 2%.SpaceX shares fell 7% on Tradegate, roughly in line with its after-hours performance on the US stock market.

Silver Price Analysis: XAG/USD flirts with the daily high but upside potential appears restricted

Daniel Rogers

Oct 17, 2022 14:43

 截屏2022-10-17 下午2.38.57.png

 

On the opening day of the new week, silver gains ground and moves away from a two-week low of $18.00, which was reached on Friday. The white metal maintains its bid tone heading into the European session and is currently flirting with the daily high in the zone between $18.50 and $18.45.

 

The XAG/USD appears to have ended a six-day losing run and halted its recent steep rejection decline from the 200-day exponential moving average, or its highest level since late June. The area between $18.90 and $19.00 should serve as a pivot point for intraday traders for any future upward movement.

 

Continued strength beyond may spark a short-covering rally and boost the XAG/USD back to the supply zone between $19.70 and $19.80. In the meantime, oscillators on the daily chart have just begun to move into negative territory. In addition, bearish technical signs on the 4-hour chart call for caution before positioning for additional gains.

 

However, sustained buying above the $20.00 psychological level will neutralize any near-term bearish view and pave the door for a further near-term uptrend. The XAG/USD could next ascend to the $20.50 intermediate resistance level en way to the $21.00 round number and the 200-day EMA, which is now located in the $21.15 area.

 

In contrast, the $18.00 level appears to have arisen as immediate strong support, which, if decisively breached, will be viewed as a new trigger for bearish traders. The subsequent key support is located at the yearly low, in the vicinity of the $17.55 region recorded in September, below which the XAG/USD might test the $17.00 round number.

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