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On September 18, Art Hogan, chief market strategist at Riley Wealth Management, said: "Nvidias cooperation plan with Intel still needs to obtain regulatory approval, and this does not mean that Nvidia will definitely produce its current model graphics processing units (GPUs) in Intels newly commissioned wafer fab. Nvidia will most likely still need to continue to manufacture such chips through TSMC, but for domestic manufacturing in the United States, this is still a step in the right direction."On September 18th, Ipek Ozkardeskaya, a senior analyst at Swiss bank Pictet, stated that Intel urgently needs a viable business model and customer interest in its products. Therefore, Nvidias agreement to invest up to $5 billion in a joint venture to develop chips for personal computers and data centers is positive news for Intel. Intel needs a partner, and for a company whose investors are generally skeptical of its future prospects and concerned about its ability to regain its prominence after missing out on AI development, Nvidia is the perfect partner. For Nvidia, this decision may have political support, as the US government wants these companies to produce chips domestically and has previously invested in Intel to encourage the company to build its Ohio factory, which will be one of the largest chip manufacturing plants in the country.White House economic adviser Hassett: This weeks focus is on American farmers.White House economic adviser Hassett declined to say when the nomination for Federal Reserve chairman will be announced.White House economic adviser Hassett: Im not aware of any talks regarding a stake in Nvidia (NVDA.O) similar to the Intel deal.

Price Prediction for Silver - Breakout Attempt Fails

Daniel Rogers

Jun 06, 2022 15:28

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The price of silver attempted to break out, but encountered selling resistance. The decline in gold prices weighed on the broader precious metals market. Stronger-than-anticipated employment figures boosted the dollar. Since precious metals are valued in dollars, a stronger dollar is often unfavorable to silver.

 

Following stronger-than-expected employment figures, benchmark yields increased. The positive employment data contradicted Thursday's ADP private payroll estimate, which was worse than anticipated.

 

The nonfarm payrolls increased by 390K while the unemployment rate increased to 3.6%. Approximately 328K jobs were predicted to be added to the labour market. The unemployment rate was anticipated to fall to 3.5 percent. The average hourly wage has grown by 0.3%. It was anticipated that average hourly salaries would increase by 0.4%. This situation may indicate a moderation in wage inflation. The year-over-year rise in salaries was 5.2%.

Technical Evaluation

The price of silver sought to climb higher but was unable to do so. Near the 10-day moving average of 21.99 is viewed as support. At the 50-day moving average of 23.26, there is observed to be resistance.

 

The 50-day moving average continues below the 200-day moving average, representing a headwind for XAG/USD and indicating negative trend. Silver will likely reach the level of 20.4.

 

The medium-term momentum turns positive when the histogram and MACD both show positive values (moving average convergence divergence). The MACD histogram is moving in negative area, indicating a downward trend in price movement.


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