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June 19 – Iran is shipping large quantities of oil that were previously blocked by a US blockade, potentially good news for Tehran, which signed a provisional peace agreement with Washington on Wednesday. Shipping data compiled by Bloomberg shows that 11 oil tankers carrying a total of 20 million barrels of crude oil departed from the port of Chabahar in the Gulf of Oman this week. Previously, the US military had blocked these tankers from entering the Indian Ocean, a move aimed at restricting Tehrans access to petrodollars.On June 19, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued an open letter to Irans Supreme Leader Mojtaba Khamenei, stating that the Iranian people and armed forces "firmly support the national leadership." The letter said that the Supreme Leaders recent important speech further strengthened the unity of the Iranian people, boosted the confidence of frontline fighters in maintaining existing gains, and provided important support for the political sphere in safeguarding national interests. The Iranian people and armed forces expect that political efforts will continue the gains made on the battlefield and promote the protection of Irans legitimate rights. The letter emphasized that if any party breaks its promises, makes excessive demands, or harms Irans national interests, the IRGC is prepared to take action on land, sea, air, and other operational domains.European Commission President Ursula von der Leyen: We will be committed to developing new and diversified tools.European Commission President Ursula von der Leyen: We must use the toolbox more actively to defend the EU.European Commission President Ursula von der Leyen: We must prepare for the start of negotiations between Ukraine and Russia.

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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