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Market news: Sources say European Central Bank (ECB) policymakers will discuss raising reserve requirements, tiered deposit rates, and fee mechanisms. Discussions surrounding the politically sensitive issue of the ECBs balance sheet losses are intensifying.July 24th - International oil prices continued to rise, with WTI crude oil surging 8.00% intraday to $93.87 per barrel. Brent crude oil surged 6.00% intraday to $96.11 per barrel.The head of the International Maritime Organization expressed serious concern about the pollution risks that may arise from the reported incidents in the Red Sea and previous incidents in the Strait of Hormuz region.Wang Yi stated that next year marks the 35th anniversary of the establishment of diplomatic relations between China and Belarus. Standing at this new historical starting point, China is willing to work with Belarus to plan exchanges at all levels, strengthen the alignment of development strategies, deepen exchanges of experience in governance, and promote high-quality development of China-Belarus relations, guiding comprehensive cooperation between the two countries and bringing more benefits to the people of both countries, in accordance with the direction set forth by the two heads of state. Ryrenkov stated that the high-level and frequent communication between the Belarusian and Chinese heads of state has led bilateral relations to an unprecedented high level, establishing a high degree of mutual trust akin to that of ironclad brothers. Belarus appreciates Chinas long-term strong support and assistance and will firmly develop relations with China, promote comprehensive cooperation, and learn from Chinas successful experience. Belarus looks forward to taking the 35th anniversary of the establishment of diplomatic relations next year as an opportunity to strengthen cooperation in industry, investment, information technology, and other fields, and expand exchanges in local and cultural fields.Brent crude oil briefly touched $96 a barrel, the first time since June 8, up 5.89% on the day.

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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