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On September 3rd, the Shanghai Municipal Commission of Housing and Urban-Rural Development issued a notice regarding the "15th Five-Year Plan for Housing and Urban-Rural Development Management in Shanghai." The plan outlines several key initiatives: steadily and orderly advancing the construction of fundamental systems related to real estate development, financing, and sales; standardizing market order and enhancing the level of the real estate service industry; increasing efforts to cultivate professional and large-scale housing rental enterprises and improving the classified supervision system for housing rentals; accelerating the improvement of the housing supply system, scientifically and rationally determining the scale, spatial layout, and product structure of housing supply in each district, and adding 25-28 million square meters of commercial housing; and by 2030, adding 250,000-270,000 units (rooms) of affordable rental housing and raising over 120,000 beds for the "New Era Urban Builders and Managers Homes." The plan also focuses on various housing consumption scenarios and expands the scope of support for housing rental services.On September 3rd, the Shanghai Municipal Commission of Housing and Urban-Rural Development issued a notice regarding the "15th Five-Year Plan for Housing and Urban-Rural Development Management in Shanghai." The plan aims to accelerate the renovation of urban villages, with the overall renovation projects fully launched and completed by the end of 2026; and the preliminary renovations for these projects to be completed by the end of 2027; the plan also includes the simultaneous implementation of planned improvement projects. Furthermore, it aims to accelerate the renovation of old housing units, striving to complete the renovation of the remaining approximately 20,000 square meters of low-beam, thin-slab housing by the end of 2026; and to basically complete the renovation of non-standard employee housing by the end of 2030. The plan also aims to achieve positive results in the renewal of non-standard lane houses, apartments, and garden residences.On September 3, Jiang Lue, spokesperson for the China Coast Guard, stated that the China Coast Guards Putuoshan naval formation conducted routine law enforcement patrols in the waters east of Taiwan on September 3. Since August, the Putuoshan naval formation has continuously strengthened control over the relevant waters, effectively ensuring normal navigation and operational order, and earnestly safeguarding the legitimate rights and interests, as well as the lives and property of Chinese citizens, including compatriots in Taiwan. The China Coast Guard will continue to strengthen law enforcement patrols in waters under Chinese jurisdiction and resolutely safeguard national territorial sovereignty and maritime rights.September 3 - According to Iranian sources on the 3rd, Iran used missiles and drones to strike a US military base in Kuwait. Sources said thick smoke billowed from the site. Earlier, the Kuwaiti military stated that air defenses were responding to the missile and drone attacks.Xi Jinping returned to Beijing after concluding his attendance at the 2026 Shanghai Cooperation Organisation Summit and state visits to Kyrgyzstan and Egypt.

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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