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On June 16th, Futures News reported that the US and Iran reached an agreement to end the Middle East conflict, causing European and American crude oil futures settlement prices to fall to their lowest levels since March 4th. As of the crude oil close on June 15th, the domestic gasoline crack spread was 900.69 yuan/ton, an increase of 151.22 yuan/ton compared to the previous day, while the diesel crack spread was 762.05 yuan/ton, an increase of 159.04 yuan/ton compared to the previous day. The decline in international crude oil costs has limited the decline in the gasoline and diesel market, leading to a continued strengthening of the gasoline and diesel crack spread. However, current demand for gasoline and diesel lacks support, and prices are being dragged down by the decline in crude oil prices, which may limit the rebound potential of the gasoline and diesel crack spread.On June 16th, it was reported that eight departments, including the Ministry of Transport, jointly released the "Action Plan for Implementing Multimodal Transport Improvement and Unblocking Bottlenecks (2026-2030)," aiming to accelerate the construction of a modern multimodal transport network. The Action Plan proposes to strive to upgrade the multimodal transport functions of approximately 1,000 major freight nodes within about five years, achieving a multimodal transport transshipment rate exceeding 90% within one hour, and reaching 80% rail access rate in coastal ports multimodal transport areas, with 100% rail access rate at major ports along the Yangtze River. Simultaneously, breakthroughs will be achieved in optimizing security checks for container rail-water intermodal transport and implementing standards and rules such as the "single bill of lading" system.The June ZEW economic sentiment index for Germany and the Eurozone will be released in ten minutes.Tesla (TSLA.O) shares fell 1.5% in pre-market trading after rising for three consecutive trading days.June 16th - On June 16th, with the successful loading of the last platform onto a ship in Binhai New Area, Tianjin, the onshore construction of all platforms for the Bozhong 26-6 oilfield development project (Phase II), the worlds largest metamorphic oilfield, was completed, laying the foundation for the oilfields timely commissioning. Located in the central Bohai Sea, the Bozhong 26-6 oilfields reservoir lies in Archean buried hill metamorphic rock strata at a depth exceeding 4,500 meters. It is the worlds largest metamorphic oilfield, with proven oil and gas geological reserves exceeding 200 million cubic meters. The Phase I development project officially commenced production in February of last year. The Phase II project will construct two new wellhead platforms offshore, consisting of jackets and upper modules. The two wellhead platforms completed this time will achieve unmanned operation.

Silver price analysis: XAG/USD declines from a 13-day-old resistance line below $21.00

Daniel Rogers

Mar 13, 2023 11:37

 截屏2022-07-29 上午11.05.40.png

 

Silver price (XAG/USD) maintains modest gains near $20.60 as it probes the metal's retreat from a key short-term resistance line on Monday morning. Despite this, the XAG/USD maintains its three-day winning trend and extends yesterday's recovery from the lowest levels since November 4, 2022.

 

Nonetheless, the impending bear cross on the MACD and the bullion's inability to remain above the 200-SMA, not to mention the failure to cross a two-week-old resistance line, give Silver price bears reason for optimism.

 

Consequently, the bullion remains on track to retest the two-week-old horizontal support zone close to $20.40. However, the metal's further decline may make it difficult to break the $20.00 psychological magnet.

 

The focus will then shift to the monthly low of $19.95 and the November 2022 low around $18.85.

 

On the contrary, recovery movements remain elusive unless the XAG/USD remains below the downward-sloping resistance line from late February, around $20.90 at the latest. The $21.00 round number also functions as an upside filter.

 

The previous week's high near $21.30 may serve as the last line of defense for the XAG/USD skeptics if Silver purchasers maintain control above $21.00.


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