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Fitch: We continue to expect Turkeys inflation to fall significantly and believe that the economic policy mix implemented since June 2023 will be maintained. We believe that the government will reduce the fiscal deficit in the remainder of 2024 by slowing spending growth.At the opening of the night session, the main contract of alumina rose by more than 2%, and the main contracts of low-sulfur fuel oil (LU), No. 20 rubber (NR), SC crude oil, fuel oil, and Shanghai nickel rose by more than 1%; in terms of decline, the main contract of starch fell by 0.32%.Spot gold fell nearly $7 in the short term and is now trading at $2,342.14 an ounce.ExxonMobil CEO: Optimistic that company will achieve $15 billion in cost savings by 2027.[The annual rate of inflation in the United States remains high, and bets on no rate cuts this year are rising] The PCE price index, the inflation indicator preferred by the Federal Reserve, recorded an annual rate of 2.7% in March, and the price increase is still stubbornly above the central banks 2% target. The core PCE rose 2.8% year-on-year. After the report was released, U.S. stock index futures rose slightly and bond yields fell slightly. Economists had previously expected the overall PCE to rise 2.6% year-on-year and the core PCE to rise 2.7%. From February to March, both the overall and core PCE rose 0.3%. A series of higher-than-expected inflation data this year has put the Federal Reserve in a difficult position. Entering 2024, investors expect the Federal Reserve to cut interest rates sharply this year as inflation cools. However, the opposite is true, and inflation data has been undermining expectations of rate cuts. According to CME data, investors currently expect the Federal Reserve to keep interest rates unchanged by the end of the year with a probability of nearly 20%. A month ago, the probability was less than 1%.

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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