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On April 15th, Goldman Sachs reported that the US March PPI, the PPI excluding food and energy, and the PPI excluding food, energy, and trade services all fell short of expectations. However, the PPI sub-index related to PCE performed better than the banks previous assumptions. Based on the details of the PPI and CPI reports, Goldman Sachs estimates that the US core PCE price index rose 0.27% in March (compared to a forecast of 0.22% before the PPI report was released), corresponding to a year-on-year increase of 3.15%. Furthermore, the bank expects the overall PCE price index to rise 0.64% in March, a year-on-year increase of 3.45%.Futures News, April 15th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on April 15th: 1. Pulp futures warehouse receipts: 181,417 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 4,160 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 33,870 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 48,800 tons, a decrease of 500 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 17,600 tons, a decrease of 6,000 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.The German DAX 30 index opened 19.96 points higher, or 0.08%, at 24054.25 on Wednesday, April 15th; the UK FTSE 100 index opened 15.48 points higher, or 0.15%, at 10624.54; and the French CAC 40 index opened 18.47 points lower, or 0.22%, at 8309.39. The Stoxx 50 index opened down 8.76 points, or 0.15%, at 5975.75 on Wednesday, April 15; the Spanish IBEX 35 index opened up 17.38 points, or 0.10%, at 18303.48 on Wednesday, April 15; and the Italian FTSE MIB index opened up 48.85 points, or 0.10%, at 48224.50 on Wednesday, April 15.Hermès shares were suspended from trading when the market opened.Kerings shares fell 6.3% due to poor first-quarter sales performance.

Silver price analysis: XAG/USD declines from a 13-day-old resistance line below $21.00

Daniel Rogers

Mar 13, 2023 11:37

 截屏2022-07-29 上午11.05.40.png

 

Silver price (XAG/USD) maintains modest gains near $20.60 as it probes the metal's retreat from a key short-term resistance line on Monday morning. Despite this, the XAG/USD maintains its three-day winning trend and extends yesterday's recovery from the lowest levels since November 4, 2022.

 

Nonetheless, the impending bear cross on the MACD and the bullion's inability to remain above the 200-SMA, not to mention the failure to cross a two-week-old resistance line, give Silver price bears reason for optimism.

 

Consequently, the bullion remains on track to retest the two-week-old horizontal support zone close to $20.40. However, the metal's further decline may make it difficult to break the $20.00 psychological magnet.

 

The focus will then shift to the monthly low of $19.95 and the November 2022 low around $18.85.

 

On the contrary, recovery movements remain elusive unless the XAG/USD remains below the downward-sloping resistance line from late February, around $20.90 at the latest. The $21.00 round number also functions as an upside filter.

 

The previous week's high near $21.30 may serve as the last line of defense for the XAG/USD skeptics if Silver purchasers maintain control above $21.00.


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