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U.S. Trade Representative Greer: Significant progress has been made in trade negotiations with Cambodia, which will bring more export opportunities for American farmers.1. All three major U.S. stock indices closed lower, with the Dow Jones Industrial Average down 1.9%, the S&P 500 down 2.71%, and the Nasdaq down 3.56%. Amazon fell over 5%, and Nvidia fell nearly 5%, leading the Dow lower. The Wind US Tech 7 Index fell 3.65%, with Tesla down over 5% and Facebook down nearly 4%. Chinese concept stocks fell across the board, with Daquan New Energy down over 14% and GDS down over 13%. For the week, the Dow Jones Industrial Average fell 2.73%, the S&P 500 fell 2.43%, and the Nasdaq fell 2.53%. 2. All three major European stock indices closed lower, with the German DAX down 1.5%, the French CAC 40 down 1.53%, and the UKs FTSE 100 down 0.86%. For the week, the German DAX fell 0.56%, the French CAC 40 fell 2.02%, and the UKs FTSE 100 fell 0.67%. 3. U.S. Treasury yields fell across the board, with the 2-year Treasury yield down 1.63 basis points to 3.572%, the 3-year Treasury yield down 2.22 basis points to 3.586%, the 5-year Treasury yield down 2.25 basis points to 3.708%, the 10-year Treasury yield down 1.95 basis points to 4.117%, and the 30-year Treasury yield down 1.47 basis points to 4.707%. 4. International precious metals futures generally closed higher, with COMEX gold futures up 1.58% to $4,035.50 per ounce, a weekly gain of 3.24%. COMEX silver futures rose 0.76% to $47.52 per ounce, a weekly loss of 0.94%. Federal Reserve Chairwoman Mary Daly indicated that monetary policy remains moderately tight and further interest rate cuts are possible. U.S. economic data showed weak consumer confidence and rising debt risks, boosting demand for gold as a safe haven. 5. International oil prices closed lower across the board. The main contract of U.S. oil fell 5.32% to $58.24 per barrel, down 4.34% for the week; the main contract of Brent crude fell 4.8% to $62.09 per barrel, down 3.78% for the week. 6. London base metals fell across the board, with LME tin futures down 4.61% to $35,350.00/ton, down 5.62% for the week; LME copper futures fell 4.54% to $10,374.00/ton, down 3.19% for the week; LME aluminum futures fell 1.88% to $2,746.00/ton, up 1.35% for the week; LME nickel futures fell 1.79% to $15,215.00/ton, down 1.41% for the week; LME zinc futures fell 0.86% to $2,984.50/ton, down 1.65% for the week; and LME lead futures fell 0.76% to $2,014.50/ton, down 0.27% for the week.Frances new Prime Minister Le Cornu: Improving Frances public finances remains a top priority.Frances new Prime Minister Le Cornu: No one can avoid the need to restore Frances public finances.The S&P 500 posted its biggest weekly drop since May, while the Nasdaq had its biggest weekly drop since April.

Silver Prices Rally in Response to Additional Hot Inflation Data

Drake Hampton

Apr 14, 2022 10:04

Silver prices climbed for the sixth consecutive day, owing to the prolonged Russia-Ukraine crisis and rising inflation figures. Benchmark rates extended their increases as higher-than-expected inflation data offset rate hikes.

 

Oil prices continued to rise as Russia-Ukraine peace talks stalled. Increased oil reserves by EIA member nations will not compensate for Russia's supply reductions. A small relaxation of China's lockdown rules in response to the COVID-19 outbreak raised demand and supported higher oil prices.

 

The producer price index, which tracks changes in the prices producers pay, increased 11.2 percent year over year and 1.2 percent in March. The core PPI, which excludes food and energy, increased by 0.9% month on month.

 

Economists anticipated a 0.5 percent gain. Prices of final demand products increased the most, by 2.3 percent on a monthly basis. Services increased by 0.9 percent in March, up from 0.3 percent in February.

 

Increased producer and consumer costs suggest a market that is sliding into inflation. The Fed will continue to boost rates through increases this year, following a quarter-point increase in March.

Technical Evaluation

Silver prices are up on the day, confirming the precious metal's upward trend as a hedge against inflation. However, the precious metal faces further downside as the Fed's hardline members prepare to boost rates quickly. Support is located near the $24.83 ten-day moving average.

 

Resistance is located near the March 24th high, at approximately $25.845. A break to the upside would take us to the $26.00 level. The short-term momentum is bullish, as the fast stochastic generated a buy signal upon crossover.

 

As the histogram prints positively with the MACD, the medium-term momentum turns positive (moving average convergence divergence). The MACD histogram's trajectory is positive, indicating an upward trend in price movement.

 

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