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1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.1% to 46,993.26 points, the S&P 500 rose 0.25% to 6,716.09 points, and the Nasdaq Composite rose 0.47% to 22,479.53 points. IBM rose more than 2%, and Disney rose more than 1%, leading the Dow Jones. Drone manufacturer Swarmer surged 520% on its first day of trading in the U.S. The Wind U.S. Tech Giants Index rose 0.43%, with Google and Amazon rising more than 1%. The Nasdaq China Golden Dragon Index fell 0.73%, with Tencent Music falling more than 24% and Wanwu Xinsheng falling nearly 5%. The market continues to focus on the impact of the U.S.-Iran war on crude oil and other factors. 2. The U.S. crude oil futures contract closed up 2.7% at $96.02 per barrel; the Brent crude oil futures contract rose 3.35% to $103.57 per barrel. 3. International precious metals futures closed mixed. COMEX gold futures rose 0.18% to $5011.30 per ounce, while COMEX silver futures fell 1.51% to $79.46 per ounce. 4. Most London base metals fell. LME lead rose 1.10% to $1926.0 per tonne, LME copper fell 0.59% to $12780.0 per tonne, LME aluminum fell 0.91% to $3364.5 per tonne, LME zinc fell 1.12% to $3233.0 per tonne, LME nickel fell 1.20% to $17255.0 per tonne, and LME tin fell 2.93% to $46850.0 per tonne.Japans Reuters Tankan Manufacturing Sentiment Index for March was 18, down from 13 in the previous month.Japans Reuters Tankan non-manufacturing business sentiment index for March was 25, unchanged from the previous reading.On March 18, local time, the U.S. House Oversight Committee issued a subpoena to Attorney General Pam Bondi, requiring her to testify behind closed doors regarding the committees investigation into the Epstein case. According to the subpoena, Bondi and Deputy Attorney General Todd Branch will brief the committee on related issues on March 18 and be questioned by the committee on April 14. Reports indicate that Bondi is accused of alleging that the Justice Department concealed the names of some powerful figures connected to Epstein when releasing a large number of documents related to the Epstein case.Market news: Brian Lynch, head of Apples (AAPL.O) home hardware division, has left the company to join smart ring manufacturer Ora.

Price Prediction for Silver - Breakout Attempt Fails

Daniel Rogers

Jun 06, 2022 15:28

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The price of silver attempted to break out, but encountered selling resistance. The decline in gold prices weighed on the broader precious metals market. Stronger-than-anticipated employment figures boosted the dollar. Since precious metals are valued in dollars, a stronger dollar is often unfavorable to silver.

 

Following stronger-than-expected employment figures, benchmark yields increased. The positive employment data contradicted Thursday's ADP private payroll estimate, which was worse than anticipated.

 

The nonfarm payrolls increased by 390K while the unemployment rate increased to 3.6%. Approximately 328K jobs were predicted to be added to the labour market. The unemployment rate was anticipated to fall to 3.5 percent. The average hourly wage has grown by 0.3%. It was anticipated that average hourly salaries would increase by 0.4%. This situation may indicate a moderation in wage inflation. The year-over-year rise in salaries was 5.2%.

Technical Evaluation

The price of silver sought to climb higher but was unable to do so. Near the 10-day moving average of 21.99 is viewed as support. At the 50-day moving average of 23.26, there is observed to be resistance.

 

The 50-day moving average continues below the 200-day moving average, representing a headwind for XAG/USD and indicating negative trend. Silver will likely reach the level of 20.4.

 

The medium-term momentum turns positive when the histogram and MACD both show positive values (moving average convergence divergence). The MACD histogram is moving in negative area, indicating a downward trend in price movement.


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