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Japans BSI large-scale manufacturing confidence index was 7.6 in the third quarter, compared with a previous reading of -1.8.Japans corporate goods price index rose 7.6% year-on-year in August, below the expected 7.40% and the previous reading of 7.20%.Japans corporate goods price index fell 0.2% month-on-month in August, compared to a forecast of 0.00% and a previous reading of 0.10%.On September 11th, according to foreign media reports, copper futures on the London Metal Exchange (LME) fell sharply on Thursday, retreating from an intraday record high, as reports indicated that the White House has yet to make a decision on refined copper tariffs due to concerns that rising prices could push up manufacturing costs. LME three-month copper fell 3.74% to $14,222 per tonne, after hitting an intraday record high of $14,875 per tonne. On Thursday, COMEX October copper futures fell 5% to $6.481 per pound (approximately $14,288 per tonne), narrowing the premium relative to LME prices. Ole Hansen, head of strategy at Saxo Bank, commented on the Reuters tariff report, saying that this latest news undoubtedly triggered significant market volatility. Previously, large quantities of metal had flowed into US warehouses due to market expectations that the US might impose tariffs on refined copper imports, raising concerns about supply shortages in traditional consumption regions.On September 11, US President Donald Trump stated on Fox News Thursday night that he plans to block Democratic-backed legislation if Democrats regain control of the House and Senate after the midterm elections. This indicates that as Republicans struggle to retain their majority in Congress, Trump has begun to envision a governing strategy in a "divided government" scenario. Trump said, "Things will be different. Ill be a blocker, what else can I say? However, I might be able to make a deal with them (the Democrats). Theyll have demands, and you can make a deal with them. Thats often how it is." Trump also stated that this election is not as "difficult" as previous campaigns.

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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