News

Precious metals futures continue to be under pressure, with Shanghai silver plummeting by over 7%. Tightening liquidity coupled with expectations of a stronger US dollar are having an impact. According to institutional views, the strong US dollar trend may persist in the short term, and with expectations of further interest rate hikes continuing to build, gold and silver are expected to maintain a weak and volatile trend.

BlockBeats News, June 25th, Iran's Islamic Revolutionary Guard Corps on Wednesday issued a stern warning to international shipping, stating that any new maritime route established in the Strait of Hormuz without coordination with Tehran is unacceptable and dangerous. The Guard threatened to take direct action against any vessels that ignore its instructions. The Islamic Revolutionary Guard Corps stated that only the route designated by Iran can safely pass through the Strait of Hormuz. The Revolutionary Guard Navy further stated that all ships seeking to pass through the strait must coordinate with the Iranian military via the International Maritime Distress Safety Frequency channel 16, effectively putting Iranian military clearance at the heart of all commercial shipping through this vital chokepoint. (FXStreet)

(1) Analysis: The easing of tensions between the US and Iran has facilitated the recovery of crude oil supply in the Middle East, with transportation through the Strait of Hormuz generally back to normal, leading to a continuous decrease in the market risk premium. At the same time, the US has temporarily relaxed certain restrictions on Iranian crude oil exports, increasing supply expectations. Although inventory declines provide some support for oil prices, the strong US dollar continues to suppress the performance of commodities. Overall, WTI remains in a pattern of limited rebound, with a short-term outlook of weak volatility.(2) Key focus: Geopolitical situation, inventory data, US Dollar Index(3) Resistance: 70.00, 70.50, 71.00(4) Support: 69.00, 68.30, 67.50