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On June 2nd, Ukrainian President Zelenskyy stated, "Overnight, Russia launched 656 attack drones and 73 missiles of various types—including ballistic missiles, cruise missiles, and anti-ship missiles—at the Ukrainian people. This was a massive attack and a very clear statement from Russia: if Ukraine is not protected from ballistic and other missile attacks, these attacks will continue. Europe needs to establish its own anti-ballistic missile defense system for this war to finally end. At the same time, we urgently need the United States assistance in providing Patriot missile systems. We look forward to the support of our partners and an effective response to todays attacks."Minutes of the Bank of Japans investor meeting: One participant stated that the Bank of Japan should be flexible in its response, such as conducting emergency bond purchases when necessary, in the event of instability in the bond market.Minutes of the Bank of Japan investor meeting: One participant said that the Bank of Japan should implement an "autopilot" mode for its tapering and stop conducting mid-term reviews of its tapering plan.Minutes of the Bank of Japan investor meeting: One participant suggested that the Bank of Japan should slow the pace of bond purchases before they drop to zero, while regularly reviewing market operations.Minutes of the Bank of Japan investor meeting: One participant stated that the Bank of Japans bond purchases have fulfilled the role of monetary policy, and therefore the central bank should eventually slow the pace of monthly bond purchases to approximately 1.3 trillion yen.

Silver Prices Fall as the Federal Reserve Raise Interest Rates

Alina Haynes

May 05, 2022 11:26

Silver prices maintained their downward trajectory on Wednesday following the Fed meeting. The dollar traded in a range. The Federal Reserve announced a 50-basis-point increase in Fed Funds rates, bringing the cost of borrowing between banks to 75-100 basis points.

 

Where appropriate, rate hikes will continue. On June 1, the Fed will begin reducing its balance sheet. This was a foregone conclusion and is seen as quantitative tightening.

 

The Federal Reserve will initiate a 47 billion dollar balance sheet run-off in three months, followed by a 95 billion dollar run-off in three months. Consumer and business expenditures continue to be robust. Economic activity was almost certainly harmed by the invasion of Ukraine. The Fed stated that the Chinese lockdowns would almost certainly result in more supply chain disruptions.

Technical Evaluation

Silver prices resumed their downward trend on Wednesday. Of the February 2022 lows near $22.00, there is support. Near the 200-day moving average of 23.77, resistance is seen.

 

Prices are oversold, with the fast stochastic reading ten points below the oversold trigger level of twenty. The RSI is currently reading 26, which is less than the oversold trigger level of 30.

 

The medium-term momentum has shifted to the downside, as evidenced by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative, indicating a downward trend in price movement.

 

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