EUR/USD 1.14284
0.005%
Gold 4124.31
-1.599%
Oil 72.750
-1.559%
USD/JPY 161.667
0.056%
GBP/USD 1.32437
-0.036%
GBP/JPY 214.112
0.028%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Sources indicate that Nissan halted development of its electric Qashqai SUV early last year. Even if the project is restarted, the model is not expected to launch until the next decade.Japanese chip stocks continued their decline, with Kioxia shares falling 14% and SoftBank Group shares dropping nearly 10%.Hong Kong stocks extended their losses in the afternoon, with the Hang Seng Tech Index falling more than 3% and the Hang Seng Index down 1.7%.Both WTI and Brent crude oil prices fell by more than 1% during the day, currently trading at $73.94 per barrel and $76.91 per barrel, respectively.On June 23, the Ministry of Commerce and eight other departments issued a notice on several measures to cultivate and expand the automotive aftermarket consumption. The Ministry of Commerce, together with relevant departments, will ensure the implementation of the measures outlined in this document, working in conjunction with the pilot reforms of automotive circulation and consumption, and promptly addressing difficulties and demands raised by local governments and enterprises. All regions should improve their working mechanisms, earnestly ensure the implementation of relevant measures, strengthen guidance and resource guarantees for relevant pilot cities, make good use of existing fiscal channels, support the cultivation and development of automotive aftermarket service consumption scenarios, and encourage pilot cities of new consumption formats, models, and scenarios to include eligible consumption scenarios in their support scope, ensuring the smooth progress and effectiveness of all work. Relevant pilot cities for automotive circulation and consumption reform should, in accordance with the requirements of this notice, focus on key areas, implement pilot tasks according to local conditions, and quickly develop a number of replicable and scalable best practices to continuously cultivate and expand automotive aftermarket consumption.

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

Alina Haynes

Sep 15, 2022 11:43

 157.png

 

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.


Suggestion