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Indian Prime Minister Modi: India and Canada will soon reach a trade agreement.March 2nd - Economists at Capital Economics stated that the oil market could experience a short-term surge similar to that seen during last years 12-day conflict between Iran and Israel, when crude oil prices briefly included a risk premium of around $10 to $15 per barrel before retreating. This scenario is likely to occur if energy flows through the Strait of Hormuz recover quickly and the regions infrastructure proves to have suffered minimal lasting damage. Conversely, a more prolonged conflict would reduce the likelihood of this. These economists believe that in a moderate scenario, the fighting would drag on, risk premiums would remain high, but there would be no major supply disruptions, keeping oil prices in the $70 to $80 per barrel range for an extended period. According to the firm, only in a more severe scenario involving significant and lasting supply losses would oil prices potentially climb to $90 to $100 per barrel.March 2nd - According to a report by Chris Turner of ING, the euro may fall further due to rising energy prices triggered by military strikes in the Middle East. He noted, "Investors have overweighted the euro and European assets this year due to a bullish outlook for recovery, and this expectation will naturally be challenged this week by rising energy prices." Turner stated that unless the conflict de-escalates soon, the euro could fall towards 1.1575. He believes that the nature of this energy shock will benefit the dollar the most, reflecting the USs energy independence and the reduced likelihood of further interest rate cuts by the Federal Reserve due to rising inflation prospects.An IDF spokesperson stated that, guided by precise intelligence, the IDF eliminated several senior officials of the Iranian intelligence service.A spokesperson for the Qatari Ministry of Foreign Affairs stated that Qatar has not yet been in contact with the Iranian government.

Silver Prices Are Under Pressure as Yields Increase

Larissa Barlow

Apr 22, 2022 09:58

Silver prices have continued to fall as benchmark rates have risen in anticipation of tighter monetary policy. Benchmark rates continue to rise as Fed Chair Powell addresses the International Monetary Fund. This situation has developed as investors express anxiety about rising inflation and a more hawkish monetary policy stance.

 

Gold prices fell as government yields continued to rise and the market became more risk-averse. Oil prices rose higher in a limited range following the IMF's downgrade of economic growth forecasts and supply disruptions from Libya.

 

Weekly unemployment claims totaled 184,000, down 2,000 from the prior week. Dow Jones estimated the number at 182,000. The data indicates that the labor market continues to be tight.

 

Job vacancies and demand for workers outstripped the labor pool. While the job market has improved, it has not yet returned to pre-pandemic levels.

 

The Philadelphia Manufacturing Index, which tracks order placement, delivery timelines, and shipments, was 17.6. This reading indicated a ten-point fall from March. delivery schedules. Manufacturing increased, but at a slower pace than predicted. 

Technical Evaluation

Silver prices are under pressure, lingering near the $26.5 mark, as bearish sentiment continues to weigh on the safe-haven metal. Despite growing inflation, silver prices continue to decline. A recovery attempt may run into opposition at the critical psychological level of $25.00, but an upward advance will be met with additional selling.

 

Support is located near the low of April 5th, around $24.25. Resistance is located near the $25.30 10-day moving average. Short-term momentum is bearish, as the fast stochastic has crossed below the zero line, signaling a sell signal.

 

The medium-term momentum has shifted to the downside, as evidenced by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative, indicating a downward trend in price movement.

 

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