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On March 19, local time, Iran launched the 63rd round of Operation True Commitment-4 in the early hours of the morning. The Iranian Islamic Revolutionary Guard Corps issued an emergency statement announcing a large-scale missile attack on US-related oil and energy facilities in the region. This operation was a direct and reciprocal retaliation for the earlier attacks on Iranian energy infrastructure on March 18. The statement indicated that the retaliatory action aimed to target energy facilities "with US interests and US ownership." The statement emphasized that Iran originally did not want the war to escalate to the energy sector, nor did it wish to affect the economies of neighboring countries, but the enemys provocations have led the war into a "new phase." The statement confirmed that the Iranian armed forces have carried out multiple rounds of strikes to ensure that the damage suffered by the enemy is on par with the damage to Iranian infrastructure. The statement also warned that if the attacks continue, Iran will expand the scope of its strikes to all energy infrastructure of US and Israeli allies, until it is "completely destroyed."PetroReconcavo, Brazils oil company, estimates its proven oil reserves at 80.1 million barrels by the end of 2025.Security sources say Iraqi air defense forces intercepted and shot down a drone that was approaching Baghdad airport.Israel Defense Forces: A missile launched from Iran has been detected heading towards Israeli territory. Defense systems are operational to intercept the threat.March 19 (Wall Street Journal) – U.S. officials said that following Israels attack on a key Iranian gas field on Wednesday, President Trump hopes to refrain from further strikes against Iranian energy facilities. Officials stated that Trump was aware of the Israeli strike on the South Pars gas field beforehand and supported the action as a signal to Tehran regarding Irans potential blockade of the Strait of Hormuz. Officials indicated that Trump believes Iran has received this message and currently opposes further attacks on Iranian energy infrastructure. However, they also noted that this depends on Irans future actions in the Strait of Hormuz, and Trump may again remain open to striking more Iranian energy facilities.

Silver is under pressure as the dollar rises to new highs, according to silver price predictions

Daniel Rogers

Jul 12, 2022 14:38

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The U.S. dollar is testing record highs versus a wide basket of currencies while silver is going lower at the start of the week. The main negative trigger for precious metals in recent weeks has been the strengthening dollar. At the beginning of July, the U.S. Dollar Index swiftly passed through the 105 level and tested the 108 level.

 

Treasury rates have decreased from their mid-June highs, but traders' attention has remained on the strong dollar, so this movement was insufficient to boost precious metals.

 

While the U.S. dollar is technically overbought, silver is now trading in oversold territory. While the strong dollar is one issue that puts pressure on the silver markets, it is unclear if silver will be able to recover from present levels.

 

Recession worries have also played a role in the recent swing that sent silver from the $22 level to the $19 level. Silver is sensitive to industrial demand. The U.S. economy is still doing rather well, but there is no doubt that the European economy is about to enter a recession.

 

Markets are concerned that the Fed's rapid rate increases may cause the US economy to contract. The Fed does have an opportunity to plan a "soft landing," though. If the incoming economic data shows that the American economy is slowing, silver will swiftly pick up further bearish momentum and go below the $19 mark.

 

The U.S. Inflation Rate data, which will be announced on Wednesday, should be closely watched by silver dealers. Analysts anticipate that prices rose 8.8% year over year in June.

 

If the news comes in worse than anticipated, silver will take two hits. The price of precious metals will decline as a result of the strengthening of the US dollar. Bond markets will start pricing in more interest rate increases at the same time, which will put extra pressure on precious metals. Silver should have a fair possibility of rising from present levels if the report performs better than expected. Trading may remain choppy until Wednesday since the inflation report may have a big influence on the markets.


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