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On July 2nd, strategists at State Street Investment Management stated in a report that gold prices could reach $5,000 per ounce by early 2027, as the bull market cycle for gold remains sustainable. They believe that golds status as a currency hedge is likely to be supported by rising US government debt, while actual demand for gold remains strong. Global gold fund holdings (a portion of global mutual fund and exchange-traded fund assets) are currently still below State Streets target level of 3% to 10% for most portfolios. Furthermore, they added that the Federal Reserves hawkish shift should not change the structural trend of gold in the post-pandemic era. State Street expects the price of basic gold bars to rise to $4,750 to $5,500 per ounce within the next six to nine months.Russian Defense Ministry: Russia shot down 327 Ukrainian drones overnight.The Swiss National Bank: The Federal Councils proposal addresses these risks in a targeted manner, primarily impacting UBS Group.Local officials said the number of injured in the Russian attack on Kyiv, Ukraine, has risen to 56, including two children.July 2nd - According to the New York Times, citing two aides to the Iraqi prime minister, the United States has resumed airlifting US dollar cash to Iraq. This followed a suspension of dollar airlifts to Iraq in several months, intended to pressure the Iraqi government to distance itself from Iran. In April, the Trump administration cut off dollar inflows to Iraqs cash-based economy, withholding revenue from oil sales.

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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