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The main fuel oil futures contract rose by more than 5%, currently trading at 3,685 yuan per ton.The chart shows that at 22:00 Beijing time on August 11, there will be large foreign exchange options contracts for Euros, Japanese Yen, etc., expiring. There are 3 large contracts with strike prices of over 1 billion. Please manage your risks.On August 11, the Zaporizhia Regional Military Administration of Ukraine reported that Russia launched a large-scale combined attack on Zaporizhia using missiles and guided-missile bombs in the early hours of the day, resulting in 6 deaths and 19 injuries. The attack damaged four residential buildings and non-residential structures. All the injured have received medical attention. The Russian Ministry of Defense also reported on August 11 that Russian forces used land-based high-precision weapons to strike military industrial enterprises and logistics centers in Kyiv and Zaporizhia in the early hours of the day.Aluminum prices rose for the seventh consecutive day on August 11th as the prospect of a swift agreement to reopen the Strait of Hormuz faded, exacerbating market concerns that Middle Eastern supplies would remain constrained for the foreseeable future. The increasingly hardline stances of both the US and Iran mean a protracted tug-of-war to reach an agreement has dampened hopes for normalizing aluminum supplies, while global inventories are hovering near multi-decade lows. The Middle East accounted for about one-tenth of global production before the war. Aluminum prices surged at the beginning of the war before retreating as the US and Iran entered into negotiations. Prices have since resumed their upward trend, rising more than 8% since the end of June, driven by the continued delays in negotiations to end the war and investors reducing their bets on US interest rate hikes, fueling a broader rally in base metals.The local governor said that an industrial enterprise in Russias Orenburg region caught fire after being attacked by an "enemy drone".

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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