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US President Trump: There has been no discussion about having Ukraine cede the Donbas region to Russia.US President Trump: Tariff rates on Colombia will be announced tomorrow.1. International precious metal futures generally closed lower. COMEX gold futures fell 0.85% to $4,267.90/oz, a weekly gain of 6.69%; COMEX silver futures fell 5.01% to $50.63/oz, a weekly gain of 7.15%. Federal Reserve officials reinforced expectations of rate cuts, while cautious stances by European and American central banks boosted golds safe-haven appeal. Uncertainty surrounding the US government shutdown drove capital flows into precious metals. 2. The most active US crude oil contract closed up 0.46% at $57.25/barrel, a weekly loss of 2.80%. The most active Brent crude oil contract rose 0.46% to $61.34/barrel, a weekly loss of 2.22%. Preliminary plans indicate that Angolas crude oil loadings for December will be lower than originally planned for November. Anticipated supply contraction is supporting rising oil prices. 3. Most base metals prices fell in London. LME tin futures fell 2.07% to $35,030/ton, a weekly decline of 3.16%; LME nickel futures fell 1.03% to $15,110/ton, a weekly decline of 1.11%; LME zinc futures fell 1.03% to $2,942.50/ton, a weekly decline of 1.97%; LME copper futures fell 0.38% to $10,607/ton, a weekly increase of 0.85%; LME aluminum futures fell 0.36% to $2,778.50/ton, a weekly increase of 1.11%; and LME lead futures rose 0.31% to $1,971.50/ton, a weekly decline of 2.43%. 4. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.52%, the S&P 500 up 0.53%, and the Nasdaq up 0.52%. American Express rose over 7%, and Apple rose nearly 2%, leading the Dow higher. The Wind US Tech 7 Index rose 0.86%, with Tesla up over 2% and Nvidia up 0.79%. Most Chinese concept stocks rose, with Futu Holdings up over 4% and Pony.ai down over 5%. For the week, the Dow Jones Industrial Average rose 1.56%, the S&P 500 rose 1.7%, and the Nasdaq rose 2.14%. 5. Europes three major stock indices closed lower, with Germanys DAX down 1.61%, Frances CAC 40 down 0.18%, and the UKs FTSE 100 down 0.86%. For the week, Germanys DAX fell 1.49%, Frances CAC 40 rose 3.24%, and the UKs FTSE 100 fell 0.77%. 6. US Treasury yields rose across the board, with the 2-year up 4.77 basis points, the 3-year up 4.96 basis points, the 5-year up 5.19 basis points, the 10-year up 4 basis points, and the 30-year up 2.66 basis points.US Vice President Vance: US President Trump has not yet decided to provide Tomahawk missiles to Ukraine.The UK Rightmove average house asking price index fell by -0.1% year-on-year in October, compared with -0.10% in the previous month.

Silver Price Analysis: Obstacles at the 200-SMA XAG/USD is bearish near $19.00

Alina Haynes

Oct 12, 2022 11:50

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Following a three-day downturn, the silver price (XAG/USD) stops the bearish momentum near a weekly low, as the 200-SMA and nearly oversold RSI (14) test bears. Nevertheless, the quotation fails to preserve the $19.00 mark throughout the Asian session on Wednesday.

 

In doing so, the precious metal draws cues from the negative MACD signals and illustrates the inability to overcome a weekly downward trend line.

 

In addition to the 200-day simple moving average level near $19.00, the 61.8% Fibonacci retracement level of the September-October uptrend near $18.95 also poses a challenge to the XAG/USD bearish.

 

If commodities prices go below $18.95, a decrease toward a support level established six weeks ago near $18.20 cannot be counted out.

 

Alternately, the rebound must surpass the weekly resistance line close to $19.50 in order to convince the short-term purchasers of silver.

 

Nonetheless, a one-month-old horizontal resistance level near $20.00 could provide a threat to the XAG/ascent. USD's

 

Overall, the silver price could have a corrective recovery, but the bearish trend will likely persist.