EUR/USD 1.15672
0.024%
Gold 4019.18
-0.127%
Oil 60.225
0.173%
USD/JPY 154.306
0.101%
GBP/USD 1.31422
-0.059%
GBP/JPY 202.799
0.059%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On October 31st, European Central Bank (ECB) Governing Council member Kazakowski stated that the ECB must be cautious in interpreting the inflation forecasts to be released in December to avoid making capricious policy decisions based on these projections. The Latvian central bank governor pointed out that while seeing the price trend forecasts for 2028 for the first time will help officials assess whether the ECB is still on track to achieve its 2% target, the high level of uncertainty means the forecasts are exceptionally likely to be revised. He added that prudence is a virtue that policymakers should uphold. Kazakowski stated, “The 2028 forecasts are very important; we need to see the direction of inflation, but I wouldn’t overestimate their importance. Uncertainty remains high and is unlikely to disappear, therefore these forecasts will come with a very large margin of error.”Hua Hong Semiconductor (01347.HK): Mr. Bai Peng has been appointed as Chairman of the Board, Chairman of the Nomination Committee, and Authorized Representative of the Company. Mr. Tang Junjun has resigned as Executive Director, Chairman of the Board, and Chairman of the Nomination Committee of the Company. Mr. Tang will also cease to be an Authorized Representative of the Company.Netflix (NFLX.O) rose 3.3% in pre-market trading after the company announced a 10-for-1 stock split.The onshore yuan closed at 7.1135 against the US dollar at 16:30 on October 31, down 28 points from the previous trading day.JPMorgan Chase raised its price target for Reddit (RDDT.N) from $190 to $227.

Price Prediction for Silver - Breakout Attempt Fails

Daniel Rogers

Jun 06, 2022 15:28

 26.png

 

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.


Suggestion