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On April 28, Iranian Foreign Ministry spokesman Baghae condemned the EU sanctions against Iran on the evening of April 27, calling them "inhumane" sanctions aimed at trampling on the basic rights of ordinary Iranians. Baghae stated on social media that the EUs "outdated moralizing" would not win any reputation for the EU and its member states on the international stage, but would only further expose the double standards and hypocrisy of the European ruling class, accelerating Europes marginalization in international affairs and plunging it into an even more embarrassing situation. European Commission President Ursula von der Leyen stated on April 27 that it was impossible to lift sanctions against Iran at this stage. EU High Representative for Foreign Affairs and Security Policy Karas previously stated that EU member states had agreed to expand the scope of sanctions against Iran, including those responsible for obstructing navigation in the Strait of Hormuz.Futures News, April 28th: Greige Fabric Inventory: On April 28th, greige fabric weaving inventory was approximately 32.7 days. The industry generally maintains a cautious approach to greige fabric inventory control, and due to volatile raw material prices, purchases are proceeding cautiously, resulting in a continued decline in greige fabric inventory. Both domestic and international trade orders are weak, and factories are currently primarily focused on fulfilling previous orders, hence the operating rate this week dropped to 61.8%. Greige Fabric/Material Trading: According to data monitoring and analysis from 350 price-collecting units, the Ministry of Commerces China•Shengze Silk and Chemical Fiber Index continued to rise on April 28th, with the chemical fiber fabric price index closing at 101.63 points, an increase of 0.03 points compared to the previous trading day.Italys PPI rose 4.4% year-on-year in March, compared with a previous reading of -3.70%.Italys PPI rose 5.9% month-on-month in March, compared with a previous reading of -0.80%.On April 28th, the Cyberspace Administration of China (CAC) recently discovered that the apps "Jianying" and "Maoxiang" and the website "Jimeng AI" failed to effectively implement regulations regarding the labeling of AI-generated and synthesized content, violating the Cybersecurity Law, the Interim Measures for the Administration of Generative Artificial Intelligence Services, and the Measures for the Labeling of AI-Generated and Synthetic Content. The CAC instructed local CAC offices to take measures against the aforementioned websites and platforms, including issuing warnings, reprimands, and severe penalties for those responsible. A CAC official stated that websites and platforms must strictly adhere to legal boundaries and rigorously implement regulations regarding the labeling of AI-generated and synthesized content. The CAC will further promote the rule of law in internet governance, continuously strengthen supervision and management of AI-generated and synthesized content labeling, effectively safeguard the public interest, and promote the healthy and orderly development of artificial intelligence.

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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