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July 5th - OPEC+, comprised of OPEC and other oil-producing nations, will hold its monthly meeting later today. An informed source indicated that OPEC+ has agreed in principle to increase crude oil production quotas by 188,000 barrels per day in August. Two other sources stated that this increase is the most likely decision.July 5th - The Malian military reported on the 4th that military positions in multiple locations across Mali were subjected to a new round of coordinated attacks by armed groups. The military successfully repelled all attacks, and the attacked positions remain under its "complete control." The report stated that these attacks occurred in Agailok, Anefisse, Gao in northern Mali, and Sevare in central Mali. A local official in Gao said that before dawn on the 4th, militants launched a fierce attack on military camps with guns and rockets. A local resident said, "This morning, no one can leave their homes... The Malian armed forces have blocked all the streets. The gunfire was so intense, it felt like the roofs were about to collapse."July 5th - According to Israeli sources on the 5th local time, Israeli Transportation Minister Miri Regev confirmed that Israel deployed an Iron Dome air defense system to the United Arab Emirates in the early stages of the US-Israel-Iran conflict. This marks the first time the Iron Dome has been deployed to a country outside of Israel and the United States. Reportedly, this is the first time an Israeli government official has publicly acknowledged deploying the Iron Dome system to the UAE. Previously, related reports had been confirmed by US officials.OPEC+ sources: OPEC+ has agreed in principle to increase its oil production target by 188,000 barrels per day starting in August.On July 5th, at the 2026 Global Digital Economy Conference Results Release Conference, Lu Ya, Vice President of the Beijing Academy of Social Sciences, released the "Beijing Digital Economy Development Report (2025-2026)" blue book. The report shows that in 2025, Beijings digital economy added value exceeded 2.4 trillion yuan, a year-on-year increase of 8.7%, accounting for 46.4% of GDP. It ranked second in the global digital economy benchmark city index evaluation, with a development index value of 0.770, firmly maintaining its position as a "global leading city." Lu Ya introduced that Beijings status as the "No. 1 city for artificial intelligence" continues to be consolidated. In 2025, the core artificial intelligence industry scale reached approximately 450 billion yuan, attracting over 2,500 related enterprises. As of April 2026, 225 large-scale models had been registered. Innovation and industry application of large-scale models are accelerating in both directions, rapidly empowering industrial upgrading, technological innovation, and public services. The market-oriented reform of data elements is being deepened, and breakthroughs have been achieved in the construction of "one zone and three centers." The on-exchange transaction volume of the Beijing International Big Data Exchange increased by 150% year-on-year, and the circulation of trusted data space is deepening around key areas such as healthcare and audiovisual media.

Forecast for Silver Price: XAG/USD is rising quickly and is approaching the $20.00 mark

Alina Haynes

Sep 15, 2022 11:43

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Silver price recovers around the 50-day exponential moving average and advances towards a daily high of $19.69 on Wednesday after the US Labor Department reported that August PPI was in line with predictions of diminishing inflationary pressures on the producer side. Therefore, the XAG/USD is trading at $19.61, 1.86% higher than its initial price.

 

Before Wall Street opened, the Bureau of Labor Statistics (BLS) of the United States reported that the Producer Price Index (PPI) for August decreased by 0.1%, in line with expectations, while the year-over-year figure fell to 8.7%, less than the 9.8% reported in July. Meanwhile, the so-called core PPI, which excludes volatile goods, increased by 0.4% month-over-month and 7.3% year.

 

In the meantime, the US Dollar Index, a measure of the dollar's value against a basket of six currencies, ended Wednesday's session down 0.15 percent, at 109.648, weighed down by US Treasury yields, particularly the 10-year benchmark note rate, which remained unchanged throughout the day at approximately 3.404%.

 

The US Dollar Index reflects the aforementioned by declining by 0.09% and falling below the 110.000 barrier. Similarly, the US 10-year benchmark note rate exhibits signs of weariness, remaining flat at approximately 3.414%.

 

The fact that US 10-year TIPS yields, a proxy for actual yields, rose by only one basis point to 0.939% was a further factor supporting the white metal price.

 

On Thursday, the US economic calendar will contain jobless claims, retail sales, and the New York and Philadelphia Fed Manufacturing Indices, which will serve as a precursor to the ISM report in October.

 

The daily XAG/USD chart depicts the white metal as neutral to bearishly biased. Nonetheless, if silver buyers recapture the $20,000 threshold, this might pave the way for a test of a four-month-old downslope trendline near $20.20 prior to reaching the 100-day EMA at $20.39. A breach of the latter will reveal the cycle high from August 15 at $20.87, ahead of the psychological milestone of $21.00.


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