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On March 27th, CBOT soybean futures closed slightly higher, with the benchmark contract rising 0.2%, supported by strong soybean export sales and continued strength in international crude oil futures. Currently, the limited volume of soybeans clearing customs, coupled with the withdrawal of previously purchased contracts by many buyers leading to a decline in soybean meal inventories, is supporting mills willingness to maintain soybean meal prices. However, an increase in the volume of soybeans clearing customs later will alleviate the current tight supply situation, and soybean meal inventories are expected to stop falling and rebound. Furthermore, limited demand due to losses in hog farming suggests that soybean meal prices may fluctuate with a slight downward bias.Indias Finance Minister announced that the central excise tax on domestic petrol and diesel will be reduced by 10 rupees per liter.March 27th, Futures News: Economies.com analysts latest view: Recently, international spot gold has risen slightly, benefiting from a price rebound that broke through the initial target support level of $4350. This provided positive upward momentum for gold prices, allowing them to recover some lost ground and attempt to alleviate the oversold condition on the Relative Strength Index (RSI). Several new positive signals also provided support. Despite this temporary improvement, the main short-term trend remains bearish, as prices continue to face downward pressure below the EMA50, limiting the possibility of a full recovery in the near term.March 27th, Futures News: Economies.com analysts latest view: WTI crude oil futures encountered resistance near the EMA50, experiencing significant intraday volatility. This moving average has hindered further price increases. Currently, oil prices have retreated somewhat, attempting to regain upward momentum to overcome resistance, while also trying to alleviate the overbought condition of the Relative Strength Index (RSI), which has begun to show negative signals. Despite these pressures, the main short-term trend remains bullish and is moving along a supportive upward trendline, which keeps the possibility of further gains in the near future intact.Copper prices rose slightly on Friday, poised for their first weekly gain since the start of the US-Iran conflict, buoyed by Trumps statement on a pause in attacks on Iranian energy facilities. Trump said on Thursday he would extend the pause on attacks on Iranian energy facilities for another 10 days, adding that talks with Iran were "going very well." This followed his announcement on Monday of a five-day pause. However, an Iranian official stated that the US proposal to end the war was unilateral and unfair, and that the war had effectively blocked the crucial Strait of Hormuz. The four-week war has already impacted the global economy, raising concerns about rising inflation and weak economic growth, as soaring energy prices have put pressure on base metals markets, led by copper. Brent crude futures are on track for their first weekly decline in six weeks after Trump took steps to avert escalation. Market analysts point out that the shift in geopolitical signals and talks between the US and Iran have eased market concerns about a prolonged conflict, but deep differences remain between the two sides, leaving the outlook for copper prices uncertain.

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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