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The German DAX 30 index opened 73.28 points higher, or 0.30%, at 24,755.00 on Monday, June 29th; the UK FTSE 100 index opened 18.52 points lower, or 0.18%, at 10,489.50; and the French CAC 40 index opened 10.60 points lower, or 0.13%, at 8,374.27. The Stoxx 50 index opened 4.50 points higher, or 0.07%, at 6226.05 on Monday, June 29; the Spanish IBEX 35 index opened 53.45 points lower, or 0.28%, at 19371.85 on Monday, June 29; and the Italian FTSE MIB index opened 47.15 points higher, or 0.09%, at 51312.50 on Monday, June 29.As of 3:00 PM Beijing time, spot platinum fell 0.38%, while spot palladium rose 1.62%.Spains harmonized CPI rose 0.6% month-on-month in June, below the expected 0.4% and the previous reading of 0.10%.June 29th - According to the State Administration for Market Regulation, Chinas corporate credit index was 161.53 in May, indicating that the overall credit level of enterprises remained stable. The top five industries in terms of credit index were finance, electricity, heat, gas and water production and supply, residential services, repair and other services, water conservancy, environment and public facilities management, and manufacturing. Among them, the residential services sector saw the largest increase in the index, entering the top five for the first time this year. The culture, sports and entertainment industry also saw a slight increase in its index score, indicating continued strengthening of its credit resilience.Spains preliminary CPI monthly rate for June was 0.6%, below the expected 0.4% and the previous value of 0.10%.

Silver Price Prediction - Silver Slides as Downtrend Perpetuates

Daniel Rogers

Jun 23, 2022 11:52

截屏2022-06-15 下午4.06.22_1024x576.png 

 

Silver prices fell, defying the general upward trend in the precious metals complex. U.S. Treasury rates decreased substantially, despite a hawkish Fed Chair hearing on the hill on Wednesday. Despite the weaker dollar, silver prices remained flat.

 

A Federal Reserve Chairman, Jerome Powell, was on the hill for his two-day Humphrey Hawkins hearing, which is mandated by Congress. The head of the central bank said he is committed to reducing inflation and believes he has the tools necessary to accomplish it. Though Powell said he feels the economy is robust currently, he recognized a recession might emerge.

Analytical Methods

Silver prices dipped lower, slipping through support at the 10-day moving average of 21.58. Additional resistance is likely near the 50-day moving average at 22.44.

 

The 50-day just crossed below the 200-day moving average, which is a headwind for XAG/USD since a long-term downtrend is currently deemed in place.

 

The fast stochastic oscillator has issued a crossover sell signal, signaling a decline in short-term momentum.

 

As the histogram and MACD both print favorably, the medium-term momentum is becoming bullish (moving average convergence divergence). The trajectory of the MACD histogram is the positive region with an upward sloping trajectory that signals to higher prices.


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