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November 4 - The Reserve Bank of Australia kept its benchmark interest rate unchanged at 3.6%, in line with market expectations.The Reserve Bank of Australia (RBA) set its interest rate at 3.6% on November 4, compared with expectations of 3.60% and the previous rate of 3.60%.On November 4th, it was learned that U.S. Secretary of Defense (Secretary of Defense for War) Hergsays ordered that military personnel may no longer discuss key U.S. military matters with members of Congress or their staff without prior approval. These matters include President Trumps proposed Golden Dome missile defense system and the recent military strikes against suspected drug-smuggling vessels. This move marks a significant shift in how the military interacts with Congress, with lawmakers concerned that it will hinder congressional oversight of the Department of Defenses approximately $1 trillion budget. Under the new rule, all military personnel and related agencies must coordinate with Hergsays office before contacting Congress.The Reserve Bank of Australia will announce its interest rate decision in ten minutes.1. Goldman Sachs: The Reserve Bank of Australia (RBA) is expected to hold rates steady, eliminating expectations of rate cuts in November and February. 2. Capital Economics: The RBA is expected to hold rates steady, as two more rate cuts are unlikely given the current economic rebound. 3. Westpac: The RBA is expected to hold rates steady, as the easing cycle may have ended prematurely, and expectations of a February rate cut have wavered. 4. ANZ: The RBA is expected to hold rates steady, but a December rate cut is possible if economic activity performs significantly worse than expected. 5. Moodys Analytics: The RBA is expected to hold rates steady as inflationary pressures are increasing and the path to the target inflation range is becoming more difficult. 6. HSBC: The RBA is expected to hold rates steady, as deflationary momentum has completely stalled, and the RBAs next move may be a rate hike in 2027.

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

Daniel Rogers

Oct 17, 2022 14:43

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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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