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International oil prices remained volatile, with US crude oil holding above $69. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Spot gold and silver prices continued to fluctuate. A chart provides a quick overview of the pre-market prices of precious metals, converted between domestic and international markets.As of 8:30 AM Beijing time, spot platinum was down 0.11% and spot palladium was down 0.03%.Data shows that two Japanese-owned supertankers are carrying Saudi crude oil toward the Strait of Hormuz, preparing to leave the Gulf region.Futures News, July 7th - According to foreign media reports, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Tuesday morning, following gains in the Chicago soybean oil market. High temperatures and dry weather in the US Midwest, potentially unfavorable for soybean crop growth, have boosted the Chicago soybean and soybean oil markets, which will likely support the early performance of Malaysian crude palm oil futures. A weaker ringgit, making it cheaper for buyers holding foreign currency to purchase palm oil, also supports palm oil prices. International crude oil futures fell on Monday, closing near pre-war levels. However, Brent crude futures rose modestly during Tuesdays electronic trading session. The Malaysian Palm Oil Board will release June palm oil supply and demand data this week. A survey indicates that palm oil stocks at the end of June may rise to their highest level for this time of year on record, as production growth has outpaced demand growth.

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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