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The number of initial jobless claims in the United States for the week ending October 17 will be released in ten minutes.On October 22, the Houthi rebels issued a statement claiming that Saudi Arabia had launched over 2,900 airstrikes and missile attacks against Yemen in the past 100 days, resulting in over 562 deaths and injuries, mostly women and children. In response to Saudi Arabias recent military actions, Yemeni armed forces launched four military operations against Saudi territory in the past 48 hours, using multiple ballistic missiles and drones: 1. An attack on the Ministry of Defense building in Riyadh, claiming a direct hit. 2. An attack on King Fahd International Airport in Dammam, claiming to have disrupted flight operations. 3. An attack on Saudi Aramco facilities in Yanbu, claiming a direct hit and causing a fire. 4. An attack on Abha International Airport, claiming a direct hit. The Houthi rebels stated that if Saudi Arabia implements its military threats against Yemeni tribes, it will face catastrophic and unpredictable consequences. At that time, the Houthis will take significant actions they previously refused to take and demand that Saudi Arabia bear all the consequences. The Houthi rebels emphasized that they will continue to launch military operations against targets deep within Saudi territory, adhering to the principle of "responding to blockade with blockade and responding to escalation with escalation," and will continue to strike Saudi military targets until Saudi Arabia ceases its military operations and lifts its blockade of Yemen.On October 22, Meta Platforms (META.O) announced that it has agreed to spend approximately $825 billion on various leases and contracts in the future, much of which involves computing power and infrastructure for artificial intelligence. The company stated in a filing on Thursday that its operating and finance lease assets, not yet reflected on its balance sheet, are valued at $355.7 billion, including data center and energy infrastructure leases commencing between the remainder of this year and 2036. As of September 30, the company also had $454.5 billion in irrevocable short- and long-term contracts. Many of these relate to third-party cloud computing power, energy agreements for data centers, or consumer hardware products from its Reality Labs division. Meta also stated that it is obligated to purchase up to $14.7 billion in cloud computing power over five years, but this amount could be reduced if cloud service providers sell this computing power to other customers.Indias Trade Minister: The India-EU trade agreement will be signed before the end of the year and may come into effect within 4-5 months.The Saudi-led coalition said it intercepted four drones in Riyadh and Medina.

Analysis of the Silver Price: XAG/USD retreats from the 10-DMA above $19.00

Alina Haynes

Sep 16, 2022 14:47

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Silver price (XAG/USD) oscillates between $19.15 and $20 early on Friday morning in Europe, fading the early Asian session rebound off the 10-day simple moving average.

 

The recent inactivity of the precious metal could be attributed to its inability to surpass the 50-day moving average, which was around $19.25 as of press time. Nonetheless, the bullish MACD indications and firmer RSI (14) provide optimism for the XAG/USD bulls.

 

However, a downward sloping resistance line from June around $19.90 appears to be a formidable obstacle for bulls.

 

The 100-day simple moving average level near $20.35 then functions as the final line of defense for XAG/USD bears before directing the market to the previous monthly peak near $20.90 and finally to the $21.00 threshold.

 

Alternately, pullback moves could initially target the 10-DMA support level of $18.90 before driving sellers to the multiple levels between $18.25 and $18.10.

 

In the event that silver sellers maintain control beyond $18.10, the $18.00 round number and the annual low near $17.55 will be in focus.