EUR/USD 1.17685
-0.115%
Gold 4854.42
1.329%
Oil 82.946
-7.452%
USD/JPY 158.556
-0.368%
GBP/USD 1.35187
-0.057%
GBP/JPY 214.355
-0.412%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
According to Irans Tasnim News Agency, Iranian armed forces prevented two oil tankers from passing through the Strait of Hormuz on Sunday.On April 19th, the Turkish Foreign Minister stated on Sunday that both Iran and the United States are willing to continue negotiations to end the war. Although negotiations between the US and Iran have been largely completed, several differences remain. The Turkish Foreign Minister also stated that the ceasefire agreement, which expires next week, should be extended.On April 19th, Malaysian Prime Minister Anwar Ibrahim stated that Petronas, Malaysias national oil company, could negotiate with Russia on oil supplies to ensure sufficient national energy reserves to meet demand. Anwar noted that given the current economic climate, many European countries, despite having imposed sanctions on Russia, are now vying to purchase Russian oil, making Malaysias move reasonable. Anwar also mentioned that during Australian Prime Minister Albaneses recent visit to Malaysia, the two sides discussed cooperation on gasoline, diesel, and fertilizer supplies.According to Irans Nour News, the commander of the Iranian Revolutionary Guards Aerospace Force, Mousavi, stated that during the ceasefire, the replenishment rate of launchers was faster than before the war. Meanwhile, the enemy is facing difficulties in rebuilding its ammunition stockpile and must gradually import ammunition from abroad.April 19th - This morning, a Russian naval fleet successfully completed its five-day goodwill visit to Zhanjiang and departed from a naval port in Zhanjiang. At approximately 9:00 AM, the Russian Navy frigates "Perfect" and "Rinchenza," and the medium-sized oil tanker "Pechenga," departed the dock in succession. Representatives of the Southern Theater Command Navy lined the dock to hold a farewell ceremony for the Russian side. After departure, the Russian fleet was escorted out of territorial waters by the Chinese Navys "Chenzhou" ship, and the two sides then bid each other farewell via radio. During the visit, the Chinese and Russian sides organized a deck reception, exchanged ship visits, and conducted professional exchanges and sports competitions, further enhancing mutual understanding and friendship.

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