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Fitch affirmed Rio Tintos rating at A with a stable outlook.On May 16th, according to US media reports, the Trump administration plans to streamline the licensing process for oil projects within the Alaska National Petroleum Reserve to boost crude oil production in the US Arctic. The Department of the Interiors move aims to establish a new licensing framework for the construction and operation of oil production facilities and related infrastructure. Under this plan, eligible projects could receive analysis and authorization more quickly, perhaps in as little as 30 days. This measure could benefit companies holding leases within the reserve, such as ConocoPhillips, Santos, and Repsol, and expedite government scrutiny of projects like ConocoPhillips Willow (which has drawn strong opposition from climate activists). During the Iran-Iraq War, with approximately 20% of global supplies tied up in the Persian Gulf, the Trump administration has intensified its calls for US oil companies to increase production.Canadian Prime Minister Carney: I think the new crude oil pipeline from Alberta to the Pacific coast will attract a lot of attention.Lebanese Ambassador to the United States: Our goal is to transform the current ceasefire momentum into a comprehensive and lasting agreement to uphold the dignity of the Lebanese people.According to the U.S. Commodity Futures Trading Commission (CFTC), in the week ending May 12, silver speculators increased their net long positions by 5,254 contracts to 16,195 contracts.

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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