Forex Marketz Daily Forex News – Fully Markets Update
The spot silver futures contract is trading between $23.95 and $24 per ounce as the Thursday trade session begins. The spot contract has already refreshed daily low price points as the white metal looks to extend yesterday’s losses and break below a two week old rising trend channel.
There are a couple of key central bank decisions on the calendar for Thursday. First up, the Bank of Japan will be announcing their monetary policy and rate decision.
The BOJ will also hold a press conference. As with other G-30 central banks, the Bank of Japan is nowhere close to withdrawing any monetary support. Japanese consumer inflation simply remains virtually non-existent.
During the European trade session, the European Central Bank will also announce their monetary policy and rate decision during the European trade session. However, unlike the BOJ, the ECB will likely begin discussing scaling back monthly bond purchases and interest rates.
As far as economic data is concerned, the United States will publish their quarterly gross domestic product (GDP) and the U.S. Labor Department will publish weekly initial and continuing jobless claims numbers.
Germany also has labor data scheduled for publication. The euro area’s biggest economy will release their monthly unemployment change as well as their monthly unemployment rate.
Daily Spot Silver Technical Report
Looking at the above spot XAG/USD four hour price chart, the MACD supports more possible losses for the spot silver market as well as a challenge of the rising trend line in play since 30 September at $23.60 per ounce.
A daily close below $23.60 per ounce opens the door for the 200 hour simple moving average lining up around $23 per ounce before the 61.8 Fibonacci level at $22.70 comes into play.
On the upside, a close above the one week old resistance line in play near $21.45 opens the door for a former support now upside level at $24.25 per ounce. A daily close above $24.25 brings the monthly high price level of $24.85 into focus before $24.90 per ounce pops up.
