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On May 5th, the China (Shaanxi)-US Economic and Trade Matchmaking Conference, jointly hosted by the Shaanxi Provincial Council for the Promotion of International Trade and the New Jersey Trade and Investment Promotion Association, was successfully held in New York on May 4th. The conference focused on the core themes of green health and mutual empowerment, highlighting areas such as plant extracts, the health industry, and green food. It included several practical sessions such as industry-specific presentations, product exchange and matchmaking, one-on-one business negotiations, and exhibitions showcasing company achievements. Lin Manli, New York Economic Commissioner of the US Small Business Administration, stated that the United States values its economic relations with other countries and hopes that this event will help both sides establish lasting partnerships.Iranian judiciary chief: The enemy is focused on exerting economic pressure, and we will resolutely deal with those who try to take advantage of the current situation.According to Interfax news agency, Kazakhstans Ministry of Energy stated that the country has no plans to withdraw from OPEC+.May 5th - Switzerlands inflation rate surged in April, impacted by rising energy import costs due to the Iran war. Data released by the Swiss National Statistical Office on Tuesday showed that consumer prices rose 0.6% year-on-year in April, higher than the 0.3% inflation rate in March. This marks the second consecutive month of increase in Swiss inflation, reaching its highest level since December 2024. Due to its relatively low dependence on fossil fuels, Switzerland has been less affected by rising energy prices. However, imported fossil fuels are expected to keep inflation high this year. Data shows that Swiss petroleum product prices rose 17% year-on-year. Import inflation was 0.9%, while domestic inflation was 0.5%. Currently, this overall inflation rate is higher than the average inflation rate of 0.5% projected by the Swiss National Bank at its March meeting for 2027.Switzerlands April CPI rose 0.3% month-on-month, below the expected 0.2% and the previous reading of 0.20%.

Silver Price Prediction - Silver Price Increased Due to Weak Dollar

Alina Haynes

May 12, 2022 11:03

On Wednesday, silver prices increased alongside the other precious metals. As yields decreased, the dollar declined. In spite of stronger-than-anticipated headline and core CPI reports, Benchmark rates declined today. Gold prices rose as the currency weakened.

CPI Rose Greater Than Anticipated

Wednesday, the U.S. Labor Department revealed April's CPI. The headline CPI came in at 8.3%, slightly lower than March but higher than the 8.1% experts had predicted. The study also revealed that the core CPI, excluding food and energy, rose by 6.2% year over year, which was greater than anticipated. The month-over-month growth also exceeded projections. The Bureau of Labor Statistics (BLS) stated that April inflation grew 0.3% on the headline CPI, compared to the 0.2% expected, and 0.6% on the core CPI, compared to the 0.4% expected gain.

Technical Evaluation

After falling, silver prices recovered, reclaiming short-term support near the September lows at 21.42.

 

Near the 20-day moving average of 23.52, there is observed to be resistance. The 20-day moving average has fallen below the 50-day moving average, indicating a medium-term decline. As indicated by the fast stochastic crossover buy signal, near-term momentum has turned positive. Prices are oversold since the fast stochastic is displaying a value of 13 below the oversold threshold of 20.

 

The medium-term momentum has become negative as the histogram and MACD both print in a negative direction (moving average convergence divergence). The MACD histogram is moving in a negative direction, reflecting the downward trend in price movement.

 

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