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On August 3rd, the China Automobile Dealers Association (CADA) released its latest "Automobile Dealer Inventory Warning Index Survey," showing that the inventory warning index for July 2026 was 61.1%, a year-on-year increase of 3.9 percentage points and a month-on-month increase of 3.9 percentage points. The index remains above the boom-bust line. Dealers expect the car market to continue its weak off-season performance in August. High temperatures and sweltering heat in most parts of the country are suppressing offline customer traffic, and consumer hesitancy is not expected to improve significantly. However, the concentrated release of pent-up demand during the graduation and back-to-school season will have a certain stimulating effect on market demand, and sales are expected to be better than in July.On August 3rd, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4550%, and the lowest was 0.7350%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0090%, and the lowest was 0.9130%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0130%, and the lowest was 0.9030%.According to Futures News on August 3, as of 09:30 Beijing time, WTI crude oil futures fell 7.37%, while US natural gas futures rose 0.76%.On Monday, August 3, the Hong Kong Hang Seng Index opened 102.88 points higher, or 0.4%, at 25,987.31; the Hang Seng Tech Index opened 32.7 points higher, or 0.68%, at 4,861.92; the H-share Index opened 46.97 points higher, or 0.55%, at 8,659.12; and the Red Chip Index opened 3.68 points higher, or 0.09%, at 4,196.8.The Peoples Bank of China (PBOC) conducted 63 billion yuan of 7-day reverse repurchase operations today, with both the bid and winning bids amounting to 63 billion yuan. The interest rate for the operation was 1.40%.

Analysis of the Silver Price: 100-SMA and immediate resistance line probing XAG/USD buyer below $24.00

Daniel Rogers

Feb 01, 2023 15:28

 截屏2022-06-06 下午5.54.42.png

 

During early Wednesday's lethargic Asian session, the silver price (XAG/USD) fluctuates near the mid-$23.00s.

 

In doing so, the precious metal battles to defend yesterday's comeback from $23.00, the first positive day in four, while retreating from the 100-bar Simple Moving Average (SMA), which was approximately $23.70 at the time of publication.

 

The sluggish MACD indications that threaten Tuesday's corrective bounce also give the XAG/USD bears reason for optimism.

 

Notably, the metal's prolonged run-up over the $23.70 barrier may not be enough to satisfy Silver buyers, as a downward-sloping resistance line from January 16 near $23.85 threatens the metal's gains.

 

In addition, the $24.0 round number acts as a barrier to the upside; a breach of this level might accelerate the XAG/USD price to the previous monthly high near $24.55.

 

On the other hand, silver's retracement actions emphasize the $23.00 round number ahead of the previous weekly bottom near $22.75.

 

In the event that XAG/USD bears maintain control beyond $22.75, the December 2022 low around $22.00 will be in focus.

 

Despite recent fails to surpass important short-term obstacles, the Silver price remains on the radar of investors.