EUR/USD 1.16607
0.147%
Gold 4216.98
0.354%
Oil 59.942
0.110%
USD/JPY 155.245
-0.033%
GBP/USD 1.33293
-0.024%
GBP/JPY 206.936
-0.057%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On December 8th, Iranian Foreign Minister Araqchi, in an interview with Japans Kyodo News in Tehran over the weekend, stated that Irans nuclear facilities were "destroyed and severely damaged" during the 12-day war with the US and Israel in June, but Iran remains determined to continue its peaceful nuclear program. He stated that Irans nuclear facilities were "bombed, destroyed, and severely damaged" in the US and Israeli airstrikes, calling these attacks a clear and serious violation of international law—"perhaps the biggest violation of international law"—because these facilities are protected and under the supervision of the International Atomic Energy Agency. However, Araqchi emphasized that Iran, as a member of the Treaty on the Non-Proliferation of Nuclear Weapons, is determined to continue its peaceful nuclear energy program, pointing out that what was destroyed in the attacks were the facilities themselves, not Irans nuclear technology.On December 8th, European Central Bank (ECB) Executive Board member Gerard Schnabel agreed with investors bets on the ECBs next interest rate hike. Schnabel stated that borrowing costs are at a level that will remain appropriate for some time unless new shocks occur, and that consumer spending, business investment, and substantial government spending on defense and infrastructure will continue to boost the economy. The German hawk noted that economic and inflation risks are tilted to the upside. She hinted that new economic growth forecasts may be revised upwards at the December meeting, and analysts expect the deposit rate to remain at 2% for the fourth time. Schnabel is the first ECB policymaker to explicitly state that borrowing costs are not merely at an "appropriate level" (as repeatedly emphasized by ECB President Christine Lagarde and other ECB officials) but have reached their lower bound.ECB Executive Board member Schnabel: "I am reassured" by market bets that the next policy move will be an interest rate hike.The main fuel oil contract rose by 2.00% intraday, currently trading at 2511.00 yuan/ton.Japanese Finance Minister Satsuki Katayama: If necessary, appropriate action will be taken.

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