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According to the latest data from the General Administration of Customs, in August 2026, China exported 6 million tons of steel plates, a year-on-year increase of 6.6%; cumulative exports from January to August reached 44.26 million tons, a year-on-year decrease of 7.9%. In August, China exported 1.93 million tons of steel bars, a year-on-year increase of 18.1%; cumulative exports from January to August reached 13.86 million tons, a year-on-year increase of 13.1%.On September 18th, it was learned from the National Bureau of Data Science that the China-ASEAN Data Cooperation Professional Committee of the World Data Organization (WDC) was established on September 17th in Nanning, Guangxi. The WDC, headquartered in Beijing, is the worlds first professional international organization dedicated to promoting data development and governance practices. Its newly established China-ASEAN Data Cooperation Professional Committee focuses on cross-border data flows, inclusive intelligent computing power, joint development of rules and standards, member ecosystem building, and industrial cluster development within ASEAN, aiming to bridge the data gap, unlock the value of data, and promote the prosperity of the digital economy. The National Bureau of Data Science stated that it will actively participate in global data governance and support the WDC in fully leveraging the professional advantages of its members in global regions and industries to pragmatically promote international data cooperation in specific sectors.On September 18th, State Street Global Advisors stated that the Bank of Japan (BOJ) is likely to adopt a cautious approach after raising its policy rate to 1.25%. Economist Krishna Bhimavarapu noted that while policy adjustments are possible at every policy meeting, Governor Kazuo Ueda may avoid explicitly committing to further rate hikes given weak household consumption and relatively moderate inflation. Strategist Masahiko Loo expects Ueda to maintain a neutral-to-hawkish stance; he pointed out that resilient economic growth, persistent inflation risks, and accommodative real policy rates all support further policy normalization. The current focus of discussion is shifting from whether the BOJ will raise rates again to what level interest rates will ultimately rise to.According to Japans Kyodo News, a meeting between the leaders of Japan and the United States is scheduled for September 22.The yield on Japans 2-year government bonds fell 4 basis points to 1.820%, while the yield on Japans 5-year government bonds fell 3 basis points to 2.265%.

Analysis of the Silver Price: XAG/USD creates a buffer around the 20-EMA at $22.60

Daniel Rogers

Dec 08, 2022 15:12

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In the early European session, the silver price (XAG/USD) is exhibiting a sideways auction profile around the immediate obstacle of $22.60. The white metal has regained equilibrium after correcting from the $22.80 barrier level. The market sentiment is extremely subdued as investors anticipate a potential catalyst for renewed impetus.

 

In the meantime, the US Dollar Index (DXY) is battling to surpass the crucial 105.40 barrier. Following Wednesday's turbulent action, S&P500 futures are exhibiting a quiet performance.

 

After testing the horizontal support established by the November 15 high of $22.25, the hourly price of silver recovered strongly. After a swift recovery, the precious metal is testing the 20-period Exponential Moving Average (EMA) near $22.60. Meanwhile, the 200-EMA at $22.20 is trending upward, indicating a bullish long-term trend.

 

For a decisive rebound, the Relative Strength Index (14) aims to retake the positive area of 60.00-80.00.

 

Should the Silver price above Friday's peak of $22.82, bulls will drive the asset toward the $23.00 round-level resistance, followed by Monday's peak of $23.52.

 

In contrast, the silver price would experience a sharp decline if it breaches the 200-EMA around $22.20. A recurrence of the same will drive the asset to its high on November 24 of $21.67. A breach of $21.67 support would expose the asset to more losses approaching the November 28 low of approximately $21.00.