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January 14th - Gold and silver continued to hit record highs during Asian trading hours due to escalating geopolitical risks. President Trumps statement on Tuesday that aid was imminent to Iranian protesters foreshadowed potential US action against the regime. Two foreign exchange strategists from OCBC Group Research noted in a report that the dramatic developments in Iran highlight the continued geopolitical uncertainty, while the fundamental support for precious metals remains solid.HRANA, a US-based human rights organization, reports that the confirmed death toll from the protests in Iran has risen to 2,571.January 14th - Demand for Japans five-year government bond auction on Wednesday was weaker than the 12-month average, with increasing political risks impacting investor willingness to subscribe. The bid-to-cover ratio for this auction was 3.08, lower than the 3.17 of the previous auction in December and also lower than the 12-month average of 3.54. This auction comes amid a wave of bond selling triggered by Prime Minister Sanae Takaichis consideration of a snap election. This market behavior, known as the "Takaichi trade," which previously caused a sharp drop in the yen, has resurfaced. The yield on five-year government bonds has risen to 1.615%, a new high since the maturity was introduced in 2000. Most economists expect the Bank of Japan to wait until June to raise interest rates. However, the continued weakening of the yen may increase pressure on the central bank to act sooner. Former Bank of Japan policy board member Makoto Sakurai believes the central bank may raise rates as early as April. The market is currently fully pricing in the first rate hike this year in July; if the yens weakness continues, there is room for further repricing in the market.The yield on 30-year Japanese government bonds rose 3.5 basis points to 3.515%.January 14th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices retreated slightly during the previous trading day, mainly due to the key resistance level of $61.00. This resistance level was the target we anticipated in our previous analysis, and the stability at this level prompted the market to enter a natural profit-taking phase after the previous rise.

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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