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On September 21, Federal Reserve Bank of New Yorks John Goolsby warned that the Fed cannot ignore recurring and persistent supply shocks and must respond in a way that could cause economic hardship. "Supply shocks are becoming more frequent, stronger, and longer-lasting," Goolsby said on Monday. "Once supply shocks in the inflationary space become persistent, some of the logic behind ignoring these shocks no longer holds." He added that while the Feds response to these shocks and the resulting inflation need not be as aggressive as its response to overheated demand, the process will still be painful. "This is precisely the painful trade-off between employment and inflation that stagflation shocks have always forced central banks to face," Goolsby said. "Unfortunately, in this environment, the only way back is a difficult one."On September 21st, in response to recent reports that Li Auto was preparing to supply its self-developed technology products, such as Mach chips and silicon carbide modules, to external suppliers, Li Autos Ma Donghui stated at a media briefing that the chips and silicon carbide modules could be exported. These chips are small in size, can be adapted by other manufacturers, and have strong versatility. However, Li Autos self-developed PACK packages cannot be exported. The PACK packages are customized and developed according to Li Autos own vehicle requirements and model characteristics, and their production capacity is also matched to Li Autos overall vehicle production capacity. "Some of Li Autos self-developed components that can be standardized into products can be sold externally," he said.Federal Reserves Goolsby: Restoring price stability "will not be painless."Federal Reserves Goolsby: The impact of supply shocks on inflation persists and must be taken into account when formulating monetary policy.Federal Reserves Goolsby: Strong demand could drive inflation up along with energy, tariffs and other supply shocks.

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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