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Japan Meteorological Agency: At around 12:57 local time, an earthquake occurred in Noto, Ishikawa Prefecture, with a focal depth of 10km and a magnitude of M3.7. This earthquake will not cause a tsunami.On April 19, the Japan Aerospace Exploration Agency and the National Institute of Polar Research jointly issued a press release on the 18th, saying that the maximum area of Arctic sea ice observed by the agency in March this year was 13.79 million square kilometers, but this data is the lowest since Japan began satellite observations in 1979. The communiqué said that the area of Arctic sea ice continues to expand during the winter from October to March of the following year, usually reaching the maximum of the year in March. Using observation data from the high-performance microwave radiometer No. 2 onboard Japans water cycle change observation satellite "Water Drop", researchers from the two agencies analyzed the distribution of sea ice in the Arctic Ocean and found that the sea ice area reached 13.79 million square kilometers on March 20, the largest area this year.Faraday Future: The annual shareholders meeting will be held on May 28. There will be no merger proposal at the meeting. The company name will be changed from "Faraday Future Intelligent Electric" to "Faraday Future AI Electric Vehicle Inc."Conflict situation: 1. Ukraine said that Russias missile attack on Kharkiv caused one death and 57 injuries. 2. The General Staff of the Ukrainian Armed Forces: In the past day, the Russian army lost about 1,530 soldiers, as well as 8 tanks, 40 armored personnel carriers and 88 artillery systems and other equipment. Peace talks: 1. US Secretary of State Rubio: The United States will stop trying to promote a peace agreement between Russia and Ukraine within a few days unless there are clear signs that an agreement can be reached. 2. The United States proposed to relax sanctions on Russia as part of the Ukrainian peace plan. 3. It is reported that Ukraines request to join NATO will not be discussed in the Russian-Ukrainian agreement. 4. US Vice President Vance: Optimistic about being able to end the Russian-Ukrainian conflict. 5. US President Trump: If all parties make it difficult to end the Ukrainian conflict, I will choose to give up, but I hope things will not develop to that point. We have a great chance to reach an agreement between Ukraine and Russia. Other situations: 1. The Ukrainian government announced the text of the memorandum of intent for the mineral agreement reached with the United States. One of the core points is to stipulate the establishment of a Ukrainian reconstruction investment fund. 2. Ukraines Deputy Minister of Economy: Ukraine and the United States will start a new round of negotiations on a mineral resources agreement on April 24. 3. Peskov: Russia and Ukraines suspension of the ban on attacking each others energy facilities has expired. 4. Source: Russia and Ukraine will exchange prisoners on Saturday under the mediation of the UAE.Sources familiar with the matter: The United States is ready to recognize Russias control over the Crimea region as part of a broader peace deal between Russia and Ukraine.

Silver Prices Face Downward Pressure Due to the Prospects of a Hawkish Fed and Uncertainty Regarding China's Lockdown

Drake Hampton

Apr 26, 2022 10:28

Silver prices have fallen as a result of the broader commodity sell-off. The dollar gained strength versus all major currencies as prospects for Fed tightening increased. Benchmark rates fell substantially today, following a spike at the end of last week in response to fears over China's covid shutdowns.

 

Gold prices fell to April lows around $1900 on forecasts of rate increases and a strong dollar. Oil prices fell as demand concerns arose as a result of China's Covid crisis.

 

Oil prices also fell as a result of a strong dollar, which makes commodities more expensive for holders of foreign currencies. Due to the Russian supply problem and Libyan supply disruptions, the oil market experienced tight supply conditions.

 

Bullard, president of the St. Louis Federal Reserve, suggested that a 75-basis-point rate hike may be necessary to tackle runaway inflation. While some policymakers have suggested that a greater rate hike would be detrimental to the economy, market participants have approved it.

 

Investors remain focused on Friday's release of the March Personal Consumption Expenditures Index, a key inflation indicator. Jerome Powell, chairman of the Federal Reserve, suggested that a 50-basis-point rate hike was expected in May.

Technical Evaluation

Silver prices fell 2.5 percent Thursday, below the 200-day moving average's major resistance level of 23.85. Silver prices will continue to decline as a result of the prospect of a 50-basis-point rate hike and may hit the December 2021 lows near the 21.4 level. Silver prices are harmed by hawkish Fed tightening.

 

Support is located near the $22.776 200-day moving average. Resistance is located near the $24.92 50-day moving average. Short-term momentum is negative but is turning positive following a crossover of the fast stochastic, which may indicate a crossover sell signal.

 

The medium-term momentum has shifted to the downside, as evidenced by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative, indicating a downward trend in price movement.

 

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