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On September 14th, the Russian Ministry of Defense announced that during the joint military exercises "West-2025," the frigate "Admiral Golovko" launched a Zircon hypersonic missile in the Barents Sea, successfully hitting its target. The Russian side also demonstrated footage of a Su-34 fighter jet taking off and dropping bombs. The exercises, which ran from the 12th to the 16th, were conducted at training grounds in Russia and Belarus, as well as in the waters of the Baltic and Barents Seas.On September 14th, US Secretary of State Rubio began a two-day visit to Israel to discuss the next steps in Gaza and how to address the aftermath of the Israeli militarys attack on Doha, the capital of Qatar, on September 9th, a mediator in the Gaza ceasefire negotiations. Before leaving, he told reporters that the attack had upset US President Trump but would not shake US-Israel relations.Russian Ministry of Defense: Russia shot down 361 Ukrainian drones in one day.On September 14th, local time, on the morning of September 14th, the Israel Defense Forces issued a statement saying that in the past month, the Israeli army killed more than 20 members of the Palestinian Islamic Resistance Movement (Hamas) in military operations in the Gaza Strip, including several militants who participated in the attack on October 7, 2023. The statement also announced the names and photos of some of the personnel.On September 14, Leningrad Oblast Governor Drozdenko posted on social media that a train carrying 15 tank cars derailed in the Luzhsky region of the state that day, resulting in the suspension of rail traffic in both directions. The derailed tank cars were not carrying cargo, and the accident did not cause any casualties.

Silver price forecast: XAG/USD slides below 20/50-DMAs, below $20

Alina Haynes

Aug 19, 2022 11:50

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Silver price falls for the fifth straight day as an upbeat market attitude weighs on the non-yielding metal. In addition, broad US currency strength kept white metal prices under pressure as Fed officials reiterated the need to bring inflation down and US jobs data bolstered the case for a September rate hike.

 

The XAG/USD is at $19.50, down from Thursday's $19.93 high. Wall Street gained despite sparse trading. Claims for unemployment in the week ending August 13 fell less than expected, but the housing market cooled. July existing home sales were 5.9% lower than in May 2020.

 

San Francisco's Mary Daly said it's too early to declare inflation victory and favored a 50 or 75 bps boost for September. Kansas City Fed's Esther George said core inflation is "hardly comfortable" and more rate hikes are coming.

 

St. Louis Fed hawk James Bullard said he's leaning toward a 75 bps rate hike in September, but Minnesota Fed's Neil Kashkari said there's more work to be done and he's not convinced the Fed can escape a recession.

 

Kashkara is unsure if the Fed can attain its target without a recession, but other officials remain focused on inflation. Further rate hikes are predicted in 2022 and 2023.

 

Money market futures STIRs have priced in a 50 bps September rise. After the release of July's FOMC minutes, probabilities of a 75-bps hike rose to 78% from 50% on Wednesday.

 

The US Dollar Index, a measure of the dollar's value versus a basket of rivals, rose 0.7% to 107.492, a headwind for precious metals prices. Most US Treasury bond yields fell two basis points, headed by the 10-year benchmark note rate.

 

The US Federal Reserve's tightening cycle will keep XAG/USD prices down. If the Fed can manage a "soft" landing, silver dealers can expect more selling. Safe-haven flows might benefit gold if US economic growth slows and creates a recession.


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