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June 10th - On June 9th, Tencent Cloud and ASUS officially signed a strategic cooperation agreement: the two parties will jointly create a "personal space disk" for millions of laptop users based on Tencent Clouds self-developed AgentBucket intelligent storage capabilities. This marks the first large-scale commercial deployment of Tencent Cloud Storages enterprise-level cloud storage scenario capabilities on a leading PC brand; it also signifies that cloud storage is officially upgrading from an optional PC accessory to one of the essential infrastructures for embracing the AIPC trend.On June 10th, the Publicity Department of the Central Committee of the Communist Party of China and the Ministry of Public Security jointly launched a concentrated publicity month campaign themed "Dont Listen, Dont Believe, Dont Be Greedy: Building a Heart-to-Heart Defense Against Fraud," aiming to further intensify anti-fraud publicity, continuously improve public awareness and ability to identify scams, and effectively create a strong anti-fraud atmosphere throughout society. The launch ceremony for the concentrated publicity month was held in Beijing on June 10th.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending June 8, total refined product inventories at the port of Fujairah were 5.377 million barrels, an increase of 165,000 barrels from the previous week. Specifically, light distillate inventories decreased by 205,000 barrels to 2.057 million barrels; middle distillate inventories increased by 40,000 barrels to 1.268 million barrels; and heavy residual fuel oil inventories increased by 330,000 barrels to 2.052 million barrels.June 10th - According to data from the China Passenger Car Association (CPCA), from June 1st to 7th, the national passenger car retail sales reached 228,000 units, a 23% decrease compared to the same period last year and an 11% decrease compared to the same period last month. The cumulative retail sales this year reached 7.327 million units, a 20% decrease year-on-year. From June 1st to 7th, the national passenger car manufacturers wholesale sales reached 204,000 units, a 25% decrease compared to the same period last year and a 10% increase compared to the same period last month. The cumulative wholesale sales this year reached 10.39 million units, a 6% decrease year-on-year.On June 10, the State Administration for Market Regulation (SAMR) released the "Guidelines for International Cooperation in Quality Certification by Local Market Regulation Departments," providing guidance for local market regulation departments to strengthen and improve related work and better serve local enterprises and economic development. The "Guidelines" instruct local market regulation departments to focus on leading foreign trade enterprises, small and medium-sized export enterprises, key upstream and downstream enterprises in the industrial chain, and inspection, testing, and certification institutions, promptly collecting information on obstacles to international cooperation in quality certification and market access certification requests faced by foreign trade enterprises. Upon identifying difficulties, bottlenecks, and potential risks in the field of quality certification, these departments should promptly report them to the SAMR, providing case studies and materials for national-level international exchanges and negotiations on quality certification. The guidelines also require timely tracking of the progress and opinions on handling relevant requests, forming a closed-loop working mechanism of investigation, reporting, implementation, and feedback to ensure that enterprise requests are effectively addressed and that quality certification plays a positive role in serving local industries.

Predictions for the Silver Market: A Turbulent Time Ahead

Alina Haynes

Jul 22, 2022 14:58

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Silver fell during Thursday's trading session, but it recovered after the European Central Bank raised interest rates, which placed downward pressure on the US dollar. I believe it is only a matter of time until sellers re-enter the market and force this commodity lower since this is a market that continues to witness a lot of noisy activity. However, there are many grounds to believe that silver's value will decline below that of the dollar.

 

Silver's demand is expected to remain weak due to low consumer demand. At this point, I believe it is best to "fade the rise," since it will likely be just a matter of time until sellers re-enter the market. We're probably going to break up soon, and the $20 level above should provide a lot of resistance on the way up.

 

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It's conceivable that sellers will enter the market even if we break over the $20 level, and then the 50 Day EMA will come into play. The 50-day moving average (MA) is currently at $20.73, and it's falling. In the end, I believe that many individuals will rush into this market as soon as it shows indications of tiredness. If the price drops below the hammer's base, it would be reasonable to assume that the $15 support level will be quickly breached.


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