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On March 24th, asset management firm Neuberger Berman stated that European interest rates present two-way risks, and this asymmetry should be reflected in prices. The rise in global government bond yields, while influenced by central bank expected repricing, is also likely due to the need for central banks and financial institutions to raise funds due to rising oil prices. Even without traditional safe-haven demand, US Treasuries reflect a clearer easing path from the Federal Reserve than the European Central Bank.The SC crude oil futures contract fell by more than 8.00% again during the day, and is currently trading at 740.50 yuan/barrel.The platinum futures contract rose 4.00% intraday, currently trading at 489.35 yuan/gram. The palladium futures contract rose 4.90% intraday, currently trading at 359.4 yuan/gram.March 24 (Yonhap) -- The South Korean government is likely to implement naphtha export controls this week as Irans prolonged blockade of the Strait of Hormuz disrupts naphtha supplies. Yang Ki-wook, director of the Trade and Resources Security Office of the Ministry of Trade, Industry and Energy, stated at a press conference at the Sejong Government Building on the 24th that the Ministry is coordinating with relevant departments on plans to implement naphtha export controls. Naphtha is a basic raw material for petrochemical products; South Korea relies on domestic refineries for 55% of its naphtha, importing the remainder.Prosecutors say a Russian drone strike on an electric multiple unit in Ukraine’s Kharkiv region killed one person.

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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