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On May 22, the National Development and Reform Commission (NDRC) held a press conference. Li Chao, Deputy Director of the NDRCs Policy Research Office, stated that the NDRC is currently planning to release supporting documents to accelerate the implementation of artificial intelligence (AI) and further strengthen resource guarantees. Simultaneously, the NDRC will continue to promote the opening up of high-value application scenarios by central and state-owned enterprises, creating benchmark AI applications across various industries, sectors, and regions, and accelerating the integration of AI into all aspects and stages of business management.On May 22, the National Development and Reform Commission (NDRC) held a press conference. Li Chao, Deputy Director of the NDRCs Policy Research Office, stated that Aprils prices continued the moderate upward trend seen since the second half of last year, sending a positive signal of improved supply and demand and optimized market order. Although the trend of international energy prices remains uncertain, the foundation for maintaining overall price stability in my country is solid. With the in-depth implementation of a series of macroeconomic policies, market supply and demand are expected to improve further, and prices are projected to continue operating within a stable range.On May 22, the State Council Information Office held a press conference to introduce the 4th China International Supply Chain Promotion Expo. The 4th Expo will be held from June 22 to June 26 at the Shunyi Hall of the China International Exhibition Center in Beijing, hosted by the China Council for the Promotion of International Trade (CCPIT) and organized by the China International Exhibition Center Group Co., Ltd., with the theme "Connecting the World, Creating the Future." Five international organizations—the United Nations Conference on Trade and Development, the United Nations Commission on International Trade Law, the World Intellectual Property Organization, the International Trade Centre, and the International Chamber of Commerce—continue to serve as supporting units. Australia will be the guest of honor country for the 4th Expo, marking its first official participation at the national level. This year marks the first time that foreign guest provinces have been designated: the Auvergne-Rhône-Alpes region of France and the Liguria region of Italy. The domestic guest provinces are Anhui Province and Hainan Province.On May 22, the National Development and Reform Commission (NDRC) held a press conference. Li Chao, Deputy Director of the NDRCs Policy Research Office, stated that opening up to the outside world is a fundamental national policy of China. We support Chinese enterprises in integrating into the global innovation network and conducting mutually beneficial international exchanges and cooperation. We have never required Chinese technology companies to refrain from accepting foreign investment. At the same time, foreign investment must also comply with Chinese laws and regulations and must not harm Chinas national security and interests. Chinas door to opening up will only open wider. We will continue to thoroughly implement the Foreign Investment Law and its implementing regulations, continuously create a market-oriented, law-based, and internationalized business environment, and effectively prevent and control risks.On May 22, Li Chao, Deputy Director of the Policy Research Office of the National Development and Reform Commission (NDRC), stated at a press conference that the NDRC will focus on the following three aspects in its next steps: First, it will expedite the issuance of relevant plans and implementation schemes to further coordinate the construction of the "six networks," clarify investment priorities in various sectors, break down targets and tasks into annual targets, and specify timelines and schedules. Second, it will intensify efforts to promote the construction of major projects, improve the dynamic promotion mechanism of "implementing a batch, preparing a batch, reserving a batch, and planning a batch," adhere to both quality and efficiency, accelerate the transformation and implementation, and promote the formation of more tangible work. Third, it will strengthen the guarantee of funding elements, make good use of various government funds and new policy-based financial instruments, stimulate private investment, strengthen the guarantee of land, environmental impact assessment, and other factors, and continuously unleash the investment potential of major infrastructure networks.

Silver Prices Retain a Bearish Tendency in the Face of a Stronger Dollar

Daniel Rogers

Apr 28, 2022 10:31

Silver prices have continued to decline as the dollar strengthens. A rising dollar increases the cost of purchasing commodities like silver in foreign currencies, reducing demand. Benchmark yields were diverse but remained relatively stable in the face of persistent global market volatility.

 

Gold prices fell as the dollar strengthened to its greatest level since the pandemic's outbreak. The dollar is supported by the potential of aggressive rate hikes and the dollar's safe-haven allure in light of China and Europe's concerns.

 

Oil prices fell as the volatile market anticipated Chinese stimulus to boost oil consumption amid persistent geopolitical tensions.

 

Asia faces a stagflationary future, the IMF indicated, as commodity prices continue to rise and economic growth is anticipated to slow.

 

Pending home sales, a metric based on contract signings, fell 1.2 percent from the previous month for the fifth straight month. The Northeast had an increase in pending house sales, while the other three regions saw a decline. The index decreased 8.2 percent on a year-over-year basis.

 

The precipitous decrease in contract signings implies that rising mortgage rates have harmed people's ability to purchase a home, despite continued demand.

Technical Evaluation

Today's trading session saw silver prices fall to a two-month low of 23.20. Despite global risk and uncertainty in China, a stronger dollar has kept silver prices in check. Silver prices will continue to decline as Core PCE and US GDP support a 50-basis-point rate hike in May and at the following meetings of the Federal Reserve.

 

Silver prices will face downward pressure if they go below the $23.00 level, testing lows in the $22.00 range.

 

Near the November 2021 lows near $23.00, there is support. Resistance is indicated near the 200-day moving average's old support level of 23.84. Momentum is negative in the short term but has converged as the fast stochastic may have a crossing buy signal.

 

The medium-term momentum has shifted to the downside, as evidenced by the histogram's negative correlation with the MACD (moving average convergence divergence). The MACD histogram's trajectory is negative, indicating a downward trend in price movement.

 

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