Feb 23rd Daily Analysis
Feb 23rd Daily Analysis
XAGUSD
With sanctions piling up against Russia in response to the escalating situation in Ukraine, investors should be watching the price of precious metals as commodities’ supplies could get derailed, according to the BMO’s report.
Technical analysis:
The overall trend for silver has been in a range, we could see that price have been making minor trends to the upside and is about to get to the major resistance zone between 24.680 and 24.367 which is almost overbought in the RSI indicator. There could be a possible reversal to the downside when price gets to the resistance level.
WHEAT
Afghanistan embassy in New Delhi on Tuesday expressed its gratitude to India for giving the first consignment of humanitarian aid of 50,000 tonnes of wheat to the war-ravaged nation at a time when the country is facing major food insecurity.
Technical analysis:
From the overview of price, we could see that price is almost at the resistance zone between 859.45 and 848.12 after breaking previous high to the upside. There could be a possible reversal to the downside once price gets to the resistance zone which could also be the overbought level on the RSI indicator.
NZDCAD
Technical analysis:
From the overview of price, we could see that price has changed it bias to the upside after breaking off of the previous high and is likely to make a pullback to the support zone between 0.85242 and 0.84936. We could see that the RSI is almost in the overbought level for a possible reversal.