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New York gold futures extended gains to 1.00% on the day, currently trading at $4,955.50 per ounce.According to futures news on February 18th, as of the week ending February 14th, Japanese commercial crude oil inventories decreased by 364,589 kiloliters from the previous week to 9,712,459 kiloliters. Japanese gasoline inventories increased by 82,325 kiloliters from the previous week to 1,706,551 kiloliters. Japanese kerosene inventories decreased by 177,598 kiloliters from the previous week to 1,455,421 kiloliters. The average operating rate of Japanese refineries was 89.0%, compared to 89.2% the previous week.February 18th - According to data from Maoyan Professional Edition, the total box office of new films released during the 2026 Spring Festival has exceeded 1.7 billion yuan. "Pegasus 3", "Silent Assassination", and "Boonie Bears: The Big Adventure" are currently ranked as the top three films in the Spring Festival box office chart.On February 18th, Goldman Sachs economists stated in a report that the Reserve Bank of New Zealands monetary policy statement, particularly its forward guidance, was more dovish than expected. While the market had already factored in a 40 basis point increase in the official cash rate by 2026, the central bank indicated that policy settings are likely to remain accommodative for some time. Economists noted that the RBA conveyed confidence that inflation will fall back to the mid-2% range over the next 12 months, but also warned of the recent unexpected rise in overall inflation. Given the large amount of spare capacity in the economy, Goldman Sachs expects a strong economic recovery while inflationary pressures will remain moderate. They stated, "We believe the RBAs statement today is consistent with the view that the banks first rate hike will be postponed to the fourth quarter of 2026."New York gold futures touched $4,950 per ounce, up 0.90% on the day.

Silver price analysis: XAG/USD declines from a 13-day-old resistance line below $21.00

Daniel Rogers

Mar 13, 2023 11:37

 截屏2022-07-29 上午11.05.40.png

 

Silver price (XAG/USD) maintains modest gains near $20.60 as it probes the metal's retreat from a key short-term resistance line on Monday morning. Despite this, the XAG/USD maintains its three-day winning trend and extends yesterday's recovery from the lowest levels since November 4, 2022.

 

Nonetheless, the impending bear cross on the MACD and the bullion's inability to remain above the 200-SMA, not to mention the failure to cross a two-week-old resistance line, give Silver price bears reason for optimism.

 

Consequently, the bullion remains on track to retest the two-week-old horizontal support zone close to $20.40. However, the metal's further decline may make it difficult to break the $20.00 psychological magnet.

 

The focus will then shift to the monthly low of $19.95 and the November 2022 low around $18.85.

 

On the contrary, recovery movements remain elusive unless the XAG/USD remains below the downward-sloping resistance line from late February, around $20.90 at the latest. The $21.00 round number also functions as an upside filter.

 

The previous week's high near $21.30 may serve as the last line of defense for the XAG/USD skeptics if Silver purchasers maintain control above $21.00.


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