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July 31 – This morning, the National Development and Reform Commission (NDRC) held its July press conference. An NDRC spokesperson stated that the 109 major projects outlined in the 15th Five-Year Plan are being implemented at an accelerated pace. This year, a number of major projects have commenced, including the Three Gorges Waterway New Channel, the Guangzhou New Airport, and the Shangbaishi Water Conservancy Project in Fujian. Preliminary work on projects such as the east and west sections of the Xinjiang-Tibet Railway and the modernization of the Dujiangyan Irrigation System in Sichuan is being expedited, with the aim of starting construction and generating tangible results as soon as possible.The Central Bank of the Philippines predicts that the annual inflation rate in July is likely to be between 5.6% and 6.6%.On July 31, the National Development and Reform Commission (NDRC) held a briefing on the development and reform situation in the first half of 2026 on July 30. The meeting emphasized that the development and reform system must effectively carry out all aspects of development and reform work to promote sustained, innovative, and positive economic development and ensure the achievement of the annual targets. This includes accelerating the construction of a modern industrial system, adhering to the principle of tailoring measures to local conditions and implementing differentiated policies to cultivate and strengthen emerging and future industries; deeply implementing the "Eastern Data, Western Computing" project, coordinating the layout and orderly construction of computing facilities; accelerating the creation of a number of benchmark applications for artificial intelligence, providing rapid empowerment to key industries such as manufacturing, agriculture, and energy, and accelerating the legislative process for an artificial intelligence law; promoting the high-quality and efficient development of the service industry, and driving quality improvement, cost reduction, and carbon reduction in key industries.On July 31, Jiang Lue, spokesperson for the China Coast Guard, stated that the Xiushan frigate formation of the China Coast Guard conducted routine law enforcement patrols in the waters east of Taiwan on July 31. Since July, the Xiushan frigate 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.July 31 – Korea Investment & Securities stated that Samsung Electronics increasing shift towards long-term memory chip supply contracts is improving earnings visibility and supporting a stronger profit outlook. The brokerage noted that the companys second-quarter results exceeded expectations as memory chip prices surged, while new hyperscale cloud service provider agreements helped stabilize demand and capacity utilization. The brokerage raised its target price for Samsung by 10% to 650,000 won to reflect the improved earnings outlook and potential upside for HBM pricing, while maintaining a buy rating.

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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