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On January 11, UN Secretary-General Spokesperson Stephane Dujarric said on the 10th local time that the United Nations has noticed reports from both the United States and Russia that US President-elect Trump plans to hold talks with Russian President Vladimir Putin. The United Nations welcomes any dialogue between the United States and Russia after Trump officially takes office as president. US media reported on the same day that Trump is planning to hold talks with Putin to resolve the Ukrainian issue. In response, Russian Presidents Press Secretary Peskov said on the 10th that Russia welcomes Trumps willingness to resolve the issue through dialogue. Although there are no specific arrangements at present, there should be further actions after Trump takes office as president.On January 11, the South Korean government said on the 10th that the country will discuss the minimum age standard for the elderly in the near future to deal with issues related to the aging population. According to media reports, the South Korean government intends to raise the minimum age threshold for the elderly to 70 years old. This proposal was made by the Ministry of Health and Welfare of South Korea and has been reported to Acting President Choi Sang-moo. At present, the minimum age standard for the elderly in South Korea is 65 years old.On January 11, the weather in northern and western Japan near the Sea of Japan has been extremely cold recently, with heavy snowfall in large areas over the past few days. In particular, the snow depth in Suoyu, Aomori Prefecture reached 3.7 meters on the 10th. Due to the snowfall, some sections of Japans highways were closed, and some Shinkansen trains were suspended or delayed.British Chancellor of the Exchequer Reeves: The fiscal rules set in the October budget are "non-negotiable". Global financial markets have undoubtedly changed.On January 11, Mitsubishi Motors President Takao Kato was interviewed on January 10. Regarding whether to join the management merger consultation between Honda and Nissan, he said "this is one of the options." Speaking of the envisioned benefits, Kato Takao said "We can actively get help in the North American business (where Mitsubishi Motors has no production base)." Kato Takao also pointed out that in terms of in-vehicle software development, "there will also be scenarios where the technical strength of the two companies will be utilized, which will be very beneficial." Honda and Nissan announced the full launch of management merger consultations in December last year. Mitsubishi Motors previously stated that it will decide whether to join the consultations around the end of January.

Prediction for Silver Price: XAG/USD falls below $20.00 on risk aversion

Alina Haynes

Oct 11, 2022 14:22

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The silver price has fallen below the 100-day exponential moving average for four consecutive days due to a risk-off impulse triggered by the US central bank's forecasts for additional tightening, tensions emanating from the US-China chip embargo, and the aggravation of the Russia-Ukraine conflict. Therefore, traders seeking security kept the dollar in the lead. At the time of writing, the XAG/USD exchange rate is $19.59 per troy ounce, a decrease of 2.50%.

 

US markets ended the day in the red, extending their four-day losing streak. Monday's paucity of economic data releases in the United States forces market participants to rely on Federal Reserve speeches delivered by Vice-Chair Lael Brainard and Chicago Fed President Charles Evans.

 

Brainard stated that despite the fact that the US economy slowed "more than anticipated," many sectors continue to lag behind the effects of monetary policy. She stated that monetary policy must be tight for some time in order to ensure that inflation would return to the Fed's target level.

 

Previously, Charles Evans stated that the U.S. central bank may be able to lower inflation while avoiding a recession. He predicts that the Federal funds rate (FFR) will peak around 4.5% in early 2023 and remain elevated for an extended period of time.

 

The US Dollar Index increased by 0.35 percent to 113.145 as the situation between Russia and Ukraine escalated during the course of the day. In addition, the US embargo on semiconductors to China is anticipated to provoke reaction from one of the strongest economies in Asia.

 

Noting that the US bond market is closed is important, but there was no justification for the precious metals' poor start to the week. The yield on 10-year US bonds is currently 3.961%, whereas 10-year US Treasury Inflation-Protected Securities (TIPS) will open on Tuesday yielding 1.62 %.

 

Despite this, most traders anticipate the release of US inflation data on Thursday. On a monthly basis, expectations are 0.2% over the previous figure, while on an annual basis, they are 8.1% due to dropping energy prices. Regarding core inflation, which excludes food and energy, the MoM is anticipated to decline by 0.4%, less than August's, while the YoY is anticipated to increase by 6.5%, greater than August's 6.3% increase.

 

The XAG/USD fell below the 100-day exponential moving average at $19.95, extending its losses close to the 20-day EMA at $19.53. Notably, the Relative Strength Index (RSI) is approaching the 50-midline, which, if breached downwards, would indicate that sellers are gaining strength. Then, the XAG/initial USD's support would be the previously mentioned 20-day EMA, followed by the 50-day EMA at $19.40, which, once cleared, could pave the way for a retest of the daily low of $17.97 from September 28.


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