Silver moved lower on Thursday (1/23) and for now, seems to have snapped a three-day winning streak to its highest level since December 13, around the $31.00 area touched the previous day. The white metal maintained its negative bias through the first half of the European session on Thursday and is currently trading around the $30.55 zone, down over 0.85% for the day. From a technical perspective, the $31.00 level is a confluence hurdle – comprising of the 100-day Simple Moving Average (SMA) and the upper end of a multi-month-old descending channel. The aforementioned barrier should now act...
Further sideways trading seems likely, perhaps within a range of 0.6240/0.6295. In the longer term, the current price action is likely to be the early stages of a recovery phase that could potentially reach 0.6350, noted UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. "Yesterday, we expected the AUD to ‘trade sideways between 0.6220 and 0.6290.' The AUD subsequently traded within a narrower range of 0.6253/0.6293. The AUD closed largely unchanged at 0.6274 (+0.02%). Further sideways trading seems likely today, perhaps within a range of 0.6240/0.6295." "We revised our AUD view to...
Oil prices fell in Asian trade on Thursday, extending losses amid uncertainty over how U.S. President Donald Trump's proposed tariffs and energy policies will affect global economic growth and energy demand. Brent crude futures fell 38 cents, or 0.5%, to $78.62 a barrel by 0716 GMT for a sixth straight day of losses, while U.S. West Texas Intermediate (WTI) crude fell for a fifth day, down 39 cents, or 0.5%, to $75.05. "The oil market has given back some of its recent gains on a combination of factors," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Key factors include...