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On August 15th, Brazilian President Lula da Silva stated on the 14th that the Brazilian government will decide whether to recognize US President Donald Trumps nominee, Daniel Perez, as the US ambassador to Brazil after the October presidential election. In an interview with Brazilian media that day, Lula criticized the US government for attempting to interfere in Brazils internal affairs. He said that the US suddenly submitted its ambassadorial appointment 45 days before the Brazilian presidential election, a position that had been vacant for over a year. Lula believes this move by the US indicates an intention to interfere in the election.August 15th - According to Politico, the one-month ceasefire agreement between the US and Iran is set to expire next Monday. If it cannot be extended, the nearly six-month-long war could escalate again. White House officials stated that negotiations remained "stagnant" as of Friday afternoon, with no extension arrangements in sight. "Distance doesnt matter; the key is whether Iran is willing to return to the negotiating table, and they havent yet." The difficulty in negotiations stems partly from the fragmented power structure within Iran, with the Revolutionary Guard, religious forces, and the government holding differing positions. An agreement can only take effect if all factions agree. Disagreements are centered on sanctions, frozen assets, and passage through the Strait of Hormuz. The US has stated that any form of toll or passage control is "unacceptable." The Trump administration has stated that if Iran rejects the agreement, the US retains "all options," arguing that sanctions and blockades have severely damaged the Iranian economy and that Iran should return to the negotiating table. However, informed sources believe that the US may have underestimated Irans resilience, and if it wants to stabilize the situation before the midterm elections, the US needs to act quickly.Market sources indicate that Canadas trade chief and chief negotiator will remain in Washington this weekend for consultations.US President Trump: We are extracting millions of barrels of oil from Venezuela every week.According to Politico: White House officials say there are no changes in the situation between the US and Iran, and there is no news yet about extending the US-Iran ceasefire agreement.

Predictions for the Silver Market: A Turbulent Time Ahead

Alina Haynes

Jul 22, 2022 14:58

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Silver fell during Thursday's trading session, but it recovered after the European Central Bank raised interest rates, which placed downward pressure on the US dollar. I believe it is only a matter of time until sellers re-enter the market and force this commodity lower since this is a market that continues to witness a lot of noisy activity. However, there are many grounds to believe that silver's value will decline below that of the dollar.

 

Silver's demand is expected to remain weak due to low consumer demand. At this point, I believe it is best to "fade the rise," since it will likely be just a matter of time until sellers re-enter the market. We're probably going to break up soon, and the $20 level above should provide a lot of resistance on the way up.

 

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It's conceivable that sellers will enter the market even if we break over the $20 level, and then the 50 Day EMA will come into play. The 50-day moving average (MA) is currently at $20.73, and it's falling. In the end, I believe that many individuals will rush into this market as soon as it shows indications of tiredness. If the price drops below the hammer's base, it would be reasonable to assume that the $15 support level will be quickly breached.


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