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On May 19th, international gold and silver prices were sold off due to market bets on a Federal Reserve rate hike this year triggered by better-than-expected US inflation data. While the Shenzhen Shuibei Gold and Jewelry Market remained bustling, the sharp price fluctuations affected consumer willingness to trade, and many merchants adjusted their business strategies accordingly. One store manager stated, "Sales have dropped significantly, down by about 50% year-on-year. Weve gone back to wholesale. Gold transactions are low, and silver has seen a precipitous drop; investors are basically not coming anymore." In contrast to the sluggish retail market, the processing of gold and silver products has been very active recently. The head of a processing company told reporters that their business volume has increased significantly compared to the same period last year, with many customers no longer frequently buying and selling their existing gold and silver products, instead focusing on processing and planning to hold them long-term.A spokesperson for the Qatari Ministry of Foreign Affairs stated that only two liquefied natural gas tankers passed through the Strait of Hormuz, which clearly does not mean that normal navigation has resumed.On May 19, Ding Xuexiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, met with Russian First Deputy Prime Minister Manturov in Beijing. Ding stated that under the strategic guidance of President Xi Jinping and President Putin, relevant parties in China and Russia have worked together to maintain a good momentum of investment cooperation between the two countries. This year marks the 30th anniversary of the establishment of the China-Russia strategic partnership of coordination and the 25th anniversary of the signing of the Treaty of Good-Neighborliness and Friendly Cooperation between China and Russia. Both sides should take this opportunity to further implement the important consensus reached by the two heads of state, leverage the coordinating role of the China-Russia Investment Cooperation Committee, steadily advance key projects, expand cooperation areas, achieve more practical results, and continuously inject strong impetus into the development of bilateral relations. Manturov stated that Russia is willing to strengthen strategic alignment with China, enrich the content of cooperation, actively address issues of mutual concern, and continuously improve the level of investment cooperation between the two countries.Shell CEO: Events of the past few months demonstrate that meeting oil demand will be crucial in the coming decades.Indian oil company executive: The companys crude oil inventory exceeds one months supply.

Crude Oil Price Prediction: Crude Oil Markets Rebound

Alina Haynes

Jul 19, 2022 11:53

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Although there has been a lot of volatility in the West Texas Intermediate Crude Oil market over the last several weeks, Monday's trading session saw a tremendous amount of positive pressure. However, I also acknowledge that we have been heading lower for some time, and each subsequent high has been lower. We broke above the $100 mark, and it now appears like we are going to threaten some form of rebound. The $106.27 mark is the location of the 50 Day EMA. In the end, I predict that sellers will enter this market at the first indications of tiredness and drive it toward the 200 Day EMA.

 

The Brent markets also had a substantial uptick throughout the trading day, breaking beyond the $105 barrier. As a result, the market appears to be in the mood to test the prior uptrend line, which will be a very intriguing region to follow. In addition to the prior support that should now be resistance, the 50 Day EMA is also present in that approximate area.

 

As a result, I believe it's only a matter of time until we start to see indications of weariness, and I will start shorting at that point. However, it's feasible that we may move as high as the $113 level if we were to break over the 50 Day EMA. In the end, I believe this market will continue to see significant volatility, making it challenging to maintain positions. However, it's feasible that we may try to recover fully if we do break out to the upside.


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