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On April 16, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Reuters reporter asked, "US President Trump said yesterday that he believes China will not stop buying Iranian oil. He also said he would impose sanctions on countries that buy Iranian oil. What is Chinas comment on this?" Guo Jiakun stated that China has consistently opposed illegal unilateral sanctions that have no basis in international law and are not authorized by the UN Security Council.On April 16th, Suren Thiru, an economist at the Institute of Chartered Accountants, stated that the unexpectedly strong growth in the UK in February would soon be overshadowed by the impact of the war with Iran. GDP grew by 0.5% that month, higher than the expected 0.2%. He said, "Given that the unexpectedly strong growth in February has been far outpaced by new energy and supply chain shocks, these figures are unlikely to alleviate stagflation concerns." This is expected to affect investment and consumer spending over the next year, thus dampening economic growth. Thiru indicated that the Bank of England is likely to keep interest rates unchanged for the time being, as the squeeze on growth will suppress inflation.The Bank of Japan announced that it will hold a meeting of bond market participants from May 21 to 22.April 16th - According to the BBC, Bank of England Governor Bailey stated that the central bank is "not in a hurry" to make a decision on interest rate hikes in the face of the energy price shock caused by the war with Iran. He pointed out that rising oil and gas prices will certainly affect prices, but other factors make interest rate decisions "very, very difficult." Bailey said, "We are not in a hurry to make judgments on these things because there is a lot of uncertainty in this area, not only about how things will develop, but also how it will be transmitted to the UK economy." The IMF lowered its economic growth forecast on Tuesday, warning that if the war escalates and oil prices remain above $100 until 2027, the global economy may face the risk of recession, with the UK receiving the largest downward revision among large, wealthy economies.Ukrainian President Zelensky: Aid supplies to Ukraine should be delivered on time.

Silver Prices Are Under Pressure as Yields Increase

Larissa Barlow

Apr 22, 2022 09:58

Silver prices have continued to fall as benchmark rates have risen in anticipation of tighter monetary policy. Benchmark rates continue to rise as Fed Chair Powell addresses the International Monetary Fund. This situation has developed as investors express anxiety about rising inflation and a more hawkish monetary policy stance.

 

Gold prices fell as government yields continued to rise and the market became more risk-averse. Oil prices rose higher in a limited range following the IMF's downgrade of economic growth forecasts and supply disruptions from Libya.

 

Weekly unemployment claims totaled 184,000, down 2,000 from the prior week. Dow Jones estimated the number at 182,000. The data indicates that the labor market continues to be tight.

 

Job vacancies and demand for workers outstripped the labor pool. While the job market has improved, it has not yet returned to pre-pandemic levels.

 

The Philadelphia Manufacturing Index, which tracks order placement, delivery timelines, and shipments, was 17.6. This reading indicated a ten-point fall from March. delivery schedules. Manufacturing increased, but at a slower pace than predicted. 

Technical Evaluation

Silver prices are under pressure, lingering near the $26.5 mark, as bearish sentiment continues to weigh on the safe-haven metal. Despite growing inflation, silver prices continue to decline. A recovery attempt may run into opposition at the critical psychological level of $25.00, but an upward advance will be met with additional selling.

 

Support is located near the low of April 5th, around $24.25. Resistance is located near the $25.30 10-day moving average. Short-term momentum is bearish, as the fast stochastic has crossed below the zero line, signaling a sell signal.

 

The medium-term momentum has shifted to the downside, as evidenced by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative, indicating a downward trend in price movement.

 

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