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July 24th - Marcel Thieliant, Head of Asia Pacific at Capital Economics, stated that the Bank of Japan (BOJ) may be more pessimistic about Japanese economic activity and is likely to keep interest rates unchanged at its meeting next week. Thieliant noted that although the BOJ believed in June that downside risks to economic activity had diminished, "we believe that the subsequent resurgence of oil prices has dampened the central banks optimism." Thieliant added that the BOJ will "certainly maintain its view that inflation risks are skewed to the upside." Capital Economics expects the BOJ to raise its policy rate to 1.25% in October.July 24th - SK Hynix and Samsung Electronics are about to face scrutiny from investors regarding memory chip demand. Currently, the South Korean stock market has become a key indicator of global AI market sentiment, but it is experiencing significant volatility driven by leveraged chip trading. Japanese competitor Kioxia will also release updates, addressing the issue of its market capitalization halved in just a few weeks, highlighting the continued risk of market volatility amid growing concerns that the AI-driven rally has gone too far. HSBC analysts point out that rising high-bandwidth memory (HBM) prices and the launch of the more expensive HBM4 chip, crucial for AI development, should support the performance of Samsung and SK Hynix, thus alleviating investor concerns about a slowdown in profits in the second half of the year.Hong Kong-listed AI stocks saw some gains, with Zhipu (02513.HK) rising over 10%.The yield on Japans two-year government bonds rose 1.5 basis points to 1.505%, hitting a new high since May 1995.On July 24th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4950%, and the lowest was 0.7420%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0130%, and the lowest was 0.9240%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0620%, and the lowest was 0.9640%.

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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