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1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.1% to 46,993.26 points, the S&P 500 rose 0.25% to 6,716.09 points, and the Nasdaq Composite rose 0.47% to 22,479.53 points. IBM rose more than 2%, and Disney rose more than 1%, leading the Dow Jones. Drone manufacturer Swarmer surged 520% on its first day of trading in the U.S. The Wind U.S. Tech Giants Index rose 0.43%, with Google and Amazon rising more than 1%. The Nasdaq China Golden Dragon Index fell 0.73%, with Tencent Music falling more than 24% and Wanwu Xinsheng falling nearly 5%. The market continues to focus on the impact of the U.S.-Iran war on crude oil and other factors. 2. The U.S. crude oil futures contract closed up 2.7% at $96.02 per barrel; the Brent crude oil futures contract rose 3.35% to $103.57 per barrel. 3. International precious metals futures closed mixed. COMEX gold futures rose 0.18% to $5011.30 per ounce, while COMEX silver futures fell 1.51% to $79.46 per ounce. 4. Most London base metals fell. LME lead rose 1.10% to $1926.0 per tonne, LME copper fell 0.59% to $12780.0 per tonne, LME aluminum fell 0.91% to $3364.5 per tonne, LME zinc fell 1.12% to $3233.0 per tonne, LME nickel fell 1.20% to $17255.0 per tonne, and LME tin fell 2.93% to $46850.0 per tonne.Japans Reuters Tankan Manufacturing Sentiment Index for March was 18, down from 13 in the previous month.Japans Reuters Tankan non-manufacturing business sentiment index for March was 25, unchanged from the previous reading.On March 18, local time, the U.S. House Oversight Committee issued a subpoena to Attorney General Pam Bondi, requiring her to testify behind closed doors regarding the committees investigation into the Epstein case. According to the subpoena, Bondi and Deputy Attorney General Todd Branch will brief the committee on related issues on March 18 and be questioned by the committee on April 14. Reports indicate that Bondi is accused of alleging that the Justice Department concealed the names of some powerful figures connected to Epstein when releasing a large number of documents related to the Epstein case.Market news: Brian Lynch, head of Apples (AAPL.O) home hardware division, has left the company to join smart ring manufacturer Ora.

Despite a decline in the value of gold, silver prices are predicted to increase

Daniel Rogers

Jun 22, 2022 14:43

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Along with the majority of the precious metals complex, silver prices moved in a sideways direction. Following weaker-than-expected existing home sales, U.S. Treasury rates were restricted. Gold prices decreased, putting a ceiling on the precious metals complex.

 

According to the National Association of Realtors, existing home sales decreased by 3.4% in May to 5.41 million units at an annualized pace. Sales decreased by 8.6% compared to May 2021. This value is the lowest since June 2020. The decline in demand was likely due to the increase in mortgage rates. During the month of May, the average rate on a 30-year fixed mortgage increased from around 4 percent to 5.5%.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if required, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts provide spreads beginning at 0 pips and commissions of $3.50 every 100k transacted. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any nation or jurisdiction where distribution or use would violate local law or regulation.

Technical Evaluation

The price of silver inched up but remained above the 10-day moving average of 21.64. At the 50-day moving average of 22.52, there is observed resistance.

 

The recent crossing of the 50-day moving average below the 200-day moving average is negative for XAG/USD and indicative of bearish momentum.

 

As the fast stochastic created a crossing sell signal, short-term momentum has gone negative.

 

The medium-term momentum turns positive when the histogram and MACD both show positive values (moving average convergence divergence). The trajectory of the MACD histogram is positive with an upward sloping trajectory, indicating that prices will increase.


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