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On July 30th, Blerina Uruci, chief U.S. economist at Praxair, stated that assuming no significant rise in oil prices and low inflation, the Federal Reserve is likely to keep interest rates unchanged at its September meeting. In a report, she noted that given the number of dissenting votes at Wednesdays Federal Open Market Committee meeting and the uncertainty surrounding oil prices, market expectations for the September rate decision reflect a 50/50 probability. The market will continue to pressure the Fed and is unlikely to back down until inflation data compels it to act, maintaining its view that interest rates will remain unchanged. The June core CPI data did not influence the Feds decision, adding that Warsh is watching this trend and that "if hes lucky, this trend could work in his favor a few months later."Scotiabank lowered its price target for Meta Platforms (META.O) from $700 to $600.Local officials said a Russian missile attack in Krivirikh, Ukraine, killed six people, including children, and injured eight others.Piper Jaffray: Lowered its price target for Meta Platforms (META.O) from $800 to $785.On July 30th, Digitimes analyst Derek Huang stated in a report that the timeline for TSMCs Japanese factory to fully resume production remains to be seen due to ongoing aftershocks. He said that even if the direct financial losses to TSMC are minimal, the extended recertification time for specialized process equipment could cause greater disruption to the supply chain. TSMC stated in a press release that all personnel were evacuated following Tuesdays strong earthquake, and post-earthquake structural inspections confirmed the buildings structural safety. The company added that, however, due to the relatively strong earthquake, the inspection and calibration of related equipment will require some time.

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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