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Futures News, May 5th - According to foreign media reports, Malaysian palm oil futures rose for the second consecutive trading day, supported by a weaker ringgit and market optimism regarding Malaysias biodiesel program. However, declines in crude oil and soybean oil prices limited further upside. On the Bursa Malaysia Derivatives Exchange (BMD), the benchmark palm oil contract for July delivery steadily rose in early trading. In the crude oil market, prices, which had previously surged sharply, retreated significantly due to signs of potential easing in the situation regarding the blockade of key Middle Eastern waterways. The weakening of crude oil futures prices directly reduced the attractiveness of palm oil as a substitute for biodiesel feedstock.On May 5th, it was reported that Apple (AAPL.O) has held exploratory discussions with Intel and Samsung Electronics regarding the production of main processors for its devices. According to sources familiar with the matter, Apple has held initial talks with Intel about using the companys chip manufacturing services. Meanwhile, Apple executives have also visited a Samsung advanced chip factory under construction in Texas. The sources indicated that neither effort has yet generated any orders, and the collaboration with these two suppliers remains in its very early stages. The sources added that Apple has concerns about using technology outside of TSMC and may ultimately not actually partner with other companies. Spokespeople for Apple, Intel, Samsung, and TSMC declined to comment.Israel Defense Forces: In two separate incidents over the past few hours, Hezbollah fired several mortar shells at areas where the IDF is operating in southern Lebanon. No IDF personnel have been reported injured.On May 5th, State Street Global Advisors strategists stated in a report that gold prices are likely to rise as long as market consensus and the Federal Reserves forward guidance point to future easing policies. Currency markets and forex traders may be awaiting a viable (US-Iran) peace agreement to re-pricing in Fed rate cuts. They believe that gold can perform well even if the Fed keeps rates unchanged, provided forward guidance indicates an imminent rate cut. However, a continued hawkish shift in the monetary policy outlook could create headwinds for gold, at least in the short term. Furthermore, if oil prices remain at $100 per barrel, becoming the new normal, it could limit golds upward momentum towards $5,000 per ounce.Fitch Ratings: Iranian conflict widens profit gap among Asia-Pacific chemical producers.

Analysis of the Silver Price: 50-SMA Bearish Probing Near $23.00

Daniel Rogers

Dec 16, 2022 11:52

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The silver price (XAG/USD) oscillates around $23.00 on Friday morning as sellers flirt with the 50-day simple moving average (SMA) after confirming the rising wedge bearish chart pattern the day before. Despite this, the price of the precious metal declines somewhat after falling the most since December 5th.

 

Nevertheless, bearish MACD signals bolster the downside bias, particularly following the rising wedge confirmation.

 

Consequently, despite recent inactivity, the precious metal is under pressure towards the 100-SMA support of $22.50.

 

After that, the monthly low of $22.00 and the late November bottom around $20.60 should provide support for the XAG/USD bears as they approach their theoretical target of $20.00.

 

In the meanwhile, recovery moves remain difficult unless the price remains below the three-week-old wedge's lower line, which was $23.40 as of press time.

 

Nonetheless, the weekly resistance line near the $24.00 mark and the top line of the aforementioned wedge, which was near $24.40 at the time of publication, could pose a challenge to the Silver purchasers.

 

In the event that the XAG/USD maintains higher than $24.40, the January high at $27.00 and the $25.00 level could attract buyers.

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