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According to Axios: A senior U.S. official said Iran has submitted an updated ceasefire proposal, but the White House believes the proposal lacks substantial improvements and is insufficient to reach an agreement.On May 18th, according to CNBC, EU Economic Affairs Commissioner Dombrovskis stated that the spring economic forecasts, to be released later this week, will show downward revisions to economic growth figures, while inflation figures will rise, due to the "stagflation shock" from the war with Iran. Dombrovskis stated, "We are experiencing a stagflation shock." He added that policymakers now have "more limited" room for action, with little room for large-scale fiscal responses like those during the pandemic. He stated, "We believe that the support measures we take should be temporary and targeted, rather than those that will actually drive sustained growth in demand for fossil fuels." Meanwhile, Dombrovskis described the EUs release of strategic petroleum reserves as "ongoing," adding concerns about supply shortages in areas such as innovative fuels. He stated, "The longer the conflict lasts, the greater the risk of certain supply bottlenecks, which further confirms our view that policy responses should not increase demand for fossil fuels."According to CNBC, Trump will introduce more prescription drug discount options.Turkish Foreign Minister: There is no reason why Iran and the United States cannot reach an agreement on a neutral position through negotiations.According to CNBC, the European Union will lower its economic growth forecast and raise its inflation forecast.

S&P 500 Drops 2.7% As Tech Stocks Slide After Micron’s Report

Lorna Divakar

Dec 23, 2022 16:10

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Market Technical Analysis for Silver

The price of silver has slightly declined during Thursday's trading session as it seems that the resistance level above $24 will remain challenging to breach. The market may not have abruptly turned negative as a result, though; it's simply possible that we got ahead of ourselves in the near term. With that movement, it seems that we may be attempting to define a new trading range, with the $23 level serving as potentially a little bottom. It's feasible that we could descend below the $22 level, where it gapped, if we break down below there.


It is important to note that the 50-Day EMA is also close to the $22 level, which may be sufficient evidence that it acts as a little floor. I'm not really worried that we will make that move at this moment, but any move below there opens up substantial selling. After all, silver seems to be in great shape, so it seems natural that we would ultimately go to the $25 level. Remember that the Christmas season will result in very illiquid market circumstances, so it is not unexpected that some profit-taking is occurring. After all, why would you want to risk a lot of money at this time?


Longer term, it seems that silver will continue to get a little premium, but I also think that volatility will likely increase going forward. After all, a lot of "hot money" will be pursuing this market, so ultimately anticipate major swings.

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