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On September 14th, according to foreign media reports, Trump defended his remarks calling for Irish reunification, calling them "fairly routine comments" and sticking to his previous statements. These remarks have sparked controversy in Northern Ireland. Speaking to reporters at the Irish Open in Dornberg, Ireland on Sunday, Trump said, "Ive always liked the Irish people. It seems to me that since theres Northern Ireland and Ireland, uniting them seems like one of the most logical things that has ever happened." "Thats just my personal opinion. By the way, a lot of people agree with that," Trump said. "I made what I consider a fairly routine comment, and I got a lot of support." Trumps remarks on Sunday came in response to a question about whether British Prime Minister Andy Burnham should hold a referendum on Irish reunification, although the US president avoided the specific question.On September 14th, U.S. Energy Secretary Chris Wright warned oil traders not to expect a quick breakthrough on the Strait of Hormuz issue. Iran is planning to propose a shipping agreement to other Gulf states. In an interview on Sunday, Wright stated, "Expecting to reach a consensus agreement with Iran today is clearly not a good option." He said the market still needs to rely on alternative shipping routes. He estimated that these alternative routes can currently still supply about 10 million barrels of crude oil and petroleum products per day. Wright said, "Therefore, the current global oil market supply is indeed tighter than we would like, but not excessively so." Wright also said that Irans nuclear program will end "in some way," adding, "We prefer a negotiated solution. If negotiations fail, they can continue with a secret, hidden, covered-up, and denied nuclear weapons program, but after that, Iran will face the U.S. military, and the U.S. military will ensure they cannot develop nuclear weapons."U.S. Energy Secretary Wright stated that the U.S. will terminate Irans nuclear program "no matter what"; the U.S. expressed concern over the suspension of inspections of Irans nuclear program. Hoping to reach a Hormuz-related agreement with Iran is not a prudent option.Musk confirmed that Tesla will livestream the launch event for its Roadster electric sports car.According to the Iranian news agency IRNA: The Israeli military continues its airstrikes in southern Lebanon, bombing several towns and areas in Nabatieh.

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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