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JPMorgan Chase raised its price target for HP (HPQ.N) from $22 to $26. 1. According to Xinhua News Agency, the Public Relations Department of the Iranian Islamic Revolutionary Guard Corps issued a statement on the 28th, stating that the US military launched an airstrike on a location on the outskirts of Bandar Abbas in the early hours of the day, and subsequently the Islamic Revolutionary Guard Corps launched an attack on the US air base that carried out the attack. 2. Rio Tinto plans to restart Line 4 of its Tiwai Point Aluminum Smelter (NZAS) in New Zealand and has signed a letter of intent for a power purchase agreement with Contact Energy. If the agreement proceeds smoothly, the line is expected to resume operation in 2030. The line has been shut down since 2020, and restarting it is expected to add approximately 30,000 tons of primary aluminum production annually. 3. According to foreign media reports, the Indonesian Ministry of Agriculture is accelerating the identification of "potential farmers and plots" (CPCLs) in its 2026 sugarcane planting and downstream industry development plan to achieve the development target of 97,970 hectares of sugarcane planting area across 11 provinces nationwide. 4. Chicago Federal Reserve President John Goolsby further reinforced his warning on Thursday: Rising market expectations of artificial intelligences productivity-boosting potential could push up inflation and force the Fed and other central banks to raise interest rates. Goolsby stated, "The stronger the hype surrounding future productivity, the higher interest rates may need to be to prevent the economy from overheating. More importantly, short-term supply shocks—whether from oil prices, supply chain disruptions, or other factors—will exacerbate the problem." 5. Liu Haoling, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated that the CSRC will resolutely implement the decisions and deployments of the Party Central Committee and the State Council, continuously deepen the comprehensive reform of capital market investment and financing, and systematically plan and launch more powerful reform and opening-up measures to address the "variables" of the international environment with the "constant" of coordinated development and win-win cooperation. 6. On May 27, the temperature index for the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta was officially released in Guangzhou. The Guangzhou Futures Exchange stated that it will adhere to open collaboration and deepen cross-border cooperation, based on my countrys climate characteristics and industrial realities, accelerate the research and development of weather derivatives such as temperature index futures and options urgently needed by the market, and promote weather risk management from pilot exploration to normalized and standardized services. 7. According to Xinhua News Agency, Irans Tasnim News Agency, citing a military source, reported on the 28th that a few hours earlier, a US oil tanker attempted to disable its radar system while transiting the Strait of Hormuz. However, due to the swift and decisive action of the Iranian Islamic Revolutionary Guard Corps Navy, which opened fire on it, the tanker was forced to stop and turn back. 8. 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The plan will include marine drugs and functional products as key development areas, further clarifying development directions and detailing development tasks through improved top-level design, providing clear guidance for the high-quality development of the industry.The China Earthquake Networks Center officially reported that a magnitude 2.9 earthquake occurred at 12:07 on May 28 in Ningnan County, Liangshan Prefecture, Sichuan Province (27.20 degrees north latitude, 102.62 degrees east longitude), with a focal depth of 10 kilometers.Israel Defense Forces: In the past two days, IDF soldiers, acting on intelligence from the Israel Security Service, arrested five terrorists in three targeted counter-terrorism operations in the Judea-Samaria district.

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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