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As of 15:00 Beijing time, spot platinum rose 1.11% and spot palladium rose 0.64%.According to RIA Novosti, a drone strike by Ukraine on Nizhny Kamsk, Russia, has killed 12 people and injured 39.The chart shows that at 22:00 Beijing time on August 10, there will be large foreign exchange options contracts for currencies such as Euro and Japanese Yen expiring, including 5 contracts with strike prices exceeding 1 billion. Please manage your risks.On August 10th, SenseTime (00020.HK) announced that it has recently secured a multi-million yuan education contract with the Saudi National School Bus Operations and Management Authority to jointly develop a nationwide smart school bus integrated digital management platform centered on artificial intelligence. This platform will serve over 1.2 million students in Saudi Arabia, constructing an end-to-end digital management system covering the entire process of commuting to and from school. It will achieve integrated upgrades in school bus operation, safety supervision, service collaboration, and data governance, providing crucial support for the digitalization of education and the modernization of public services in Saudi Arabia.Futures Commentary by Everbright Futures: Market sentiment was alternately dominated by US macroeconomic data and geopolitical tensions, with gold experiencing its strongest weekly performance this year last week. Since the second half of the year, gold price movements have shown signs of desensitization to US-Iran geopolitical tensions, with market focus primarily on whether the Federal Reserve "dares" to raise interest rates. Previously, US economic data showed resilience, but inflation data was somewhat stubborn, leading to a surge in expectations of a rate hike, particularly with the probability of a rate hike at the Feds September meeting rising. However, with the weakening performance of US stocks at their high levels and the instability of employment data, the market questioned the Feds, especially Warshs, "hawkish" approach. The unexpectedly weak non-farm payroll data directly shattered previous market pricing in a September rate hike, causing US Treasury yields and the dollar to weaken in tandem, reinforcing the view that the US is struggling between high debt and persistent inflation. Furthermore, while previous outflows from gold ETFs dealt a blow to the market, data from the World Gold Council showed that central banks made a record net purchase of 289 tons of gold in the second quarter, with the Peoples Bank of China increasing its gold purchases for five consecutive months, further boosting market confidence. Therefore, overall, the view that the current position is the bottom range for gold is becoming more solidified, and it is advisable to buy on dips. In the short term, attention should be paid to whether there is a risk of profit-taking due to short-term emotional euphoria after golds continuous rise.

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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