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Wheaton Precious Metals: Gold production is projected to grow by about 50% to 1.2 million gold equivalent ounces by 2030.Wheaton Precious Metals: Production is projected to be 860,000 to 940,000 ounces of gold equivalent in 2026 and approximately 692,000 ounces of gold equivalent in 2025.February 17th - Analyst Eamonn Sheridan: The Reserve Bank of Australias (RBA) February meeting minutes are expected to reinforce its case for resuming tightening, highlighting persistent inflation, strong demand, and continued capacity pressures, but without indicating any major shift from previously provided policy guidance. The logic behind the RBAs decision to raise interest rates for the first time in over two years will be detailed in the February monetary policy meeting minutes. The minutes are unlikely to offer significant new information; market focus will be on subtle details. Investors will scrutinize the extent to which the committee emphasized strong demand, a tight labor market, and capacity constraints in the overall economy. Previous communications have indicated that private demand has exceeded previous forecasts, while supply capacity remains constrained, exacerbating price pressures. The minutes are likely to reinforce the policys data-dependent and tightening stance. Further rate hikes remain a realistic possibility if demand growth exceeds supply and inflation fails to ease effectively.February 17th - A Russian diplomatic source stated late on the 16th that a Russian delegation led by Presidential Aide Medinsky had departed and was expected to arrive in Geneva, Switzerland, early on the 17th to participate in trilateral talks between Russia, the United States, and Ukraine. Bilateral contacts between Russia and Ukraine are possible during the talks. The source said the Russian delegation would arrive in Geneva around 6:00 AM local time on the 17th. The US is technically involved in coordinating the necessary permits for the Russian delegations arrival in Geneva via the EU. The source said the trilateral talks plan to discuss key factors in resolving the Ukrainian issue, including military, political, and humanitarian issues. The duration of the talks is currently unknown. Bilateral contacts between Russia and Ukraine are possible during the Russia-US-Ukraine talks.BHP Billiton (BHP.N): Optimistic about the economic backdrop supporting key commodities.

Silver Price Analysis: XAG/USD returns above mid-19.00s; bulls flirt with 100-day Simple Moving Average

Alina Haynes

Oct 26, 2022 15:25

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Silver rises on Tuesday's rebound from the 200-hour simple moving average support and adds follow-through momentum for the second consecutive day on Wednesday. The upward move takes the precious metal back over the mid-$19.00 range during the early European session, bringing it closer to Monday's nearly two-week high.

 

The XAG/USD is currently flirting with the 100-day simple moving average (SMA), which, if decisively broken, would open the way for a near-term advance. In the meantime, oscillators on hourly charts remain bullish and have only begun to move into the positive zone on the daily chart. This, in turn, increases the likelihood of a future breach of the aforementioned barrier.

 

The XAG/USD pair might then attempt to exceed the $20.00 psychological level and climb toward the next significant barrier near $20.50. Bulls might then attempt to retake the $21.00 round-number level. This corresponds to the 200-day exponential moving average, above which the momentum might finally drive spot prices back to the monthly swing high, around $21.25.

 

On the other hand, the $19.20 region appears to protect the immediate downside ahead of the $19.00 level and the 200-hour simple moving average, which is currently in the $18.80 zone. A convincing breach below could prompt some technical selling and make the XAG/USD susceptible to accelerate the decline towards the $18.30-$18.25 intermediate support en route to the next crucial level near $18.00.

 

Failure to defend the latter will nullify any near-term bullish bias and return the bias to favor bearish traders. The continuing decline has the potential to bring the XAG/USD pair closer to its September low of $17.55 for the year. The decline might extend to the next significant support near the $17.00 round-number mark.

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