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Fundamental Analysis
Fundamental updates by Solid ECN
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[QUOTE="SOLIDECN, post: 214178, member: 80239"] [HEADING=1][JUSTIFY]XAGUSD - Silver prices remain under pressure[/JUSTIFY][/HEADING] [JUSTIFY]Silver prices show a slight increase, correcting after falling the day before. XAGUSD is testing 18.50 for a breakout, waiting for new drivers to appear on the market. The day before, the American currency was supported by the published report of the US Federal Reserve, Beige Book, which reflected a moderate increase in economic activity in most regions of the country, which, in turn, strengthened investors' confidence in the imminent increase in interest rates by another 75 basis points. At the moment, more than 95% of analysts adhere to this scenario. Steps towards tightening monetary policy are also expected from the European Central Bank (ECB) and the Bank of England, although they are somewhat limited in their freedom of action due to significant recession threats already in the fourth quarter of this year. [img]https://i.ibb.co/KmY5Bkv/silver-1.png[/img] The focus of investors today will be statistics from the US on the dynamics of Jobless Claims. It is expected that for the week ended October 14, the number of Initial Jobless Claims may show an increase from 228.0 thousand to 230.0 thousand. Also during the day, the release of data on the Existing Home Sales for September is expected, and closer to the end of the afternoon session, representatives of the US Federal Reserve Philip Jefferson, Lisa Cook and Michelle Bowman will speak. [img]https://i.ibb.co/fxXKRnV/silver-2.png[/img] The market continues the global trend to increase positions in silver, but at the moment a correction is fixed after five weeks of constant growth in the number of contracts in a row. Thus, according to the latest report of the US Commodity Futures Trading Commission (CFTC), the number of net speculative positions amounted to 7.4 thousand against 8.7 thousand a week earlier. However, the "bulls" still hold the lead in the positions of swap dealers, and their number is 42.983 thousand, against 32.097 thousand of the "bears", which closed 1.327 thousand transactions this week, while the buyers reduced their positions by only 0.051 thousand contracts, which indicates the continued fixation of short positions in the asset. [B]Resistance levels[/B]: 18.68, 19, 19.2, 19.5 | [B]Support levels[/B]: 18.29, 18, 17.52, 17[/JUSTIFY] [/QUOTE]
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