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On April 24th, it was reported that from January to March 2026, 13,987 new foreign-invested enterprises were established nationwide, a year-on-year increase of 11%; actual utilized foreign investment amounted to RMB 249.6 billion, a year-on-year decrease of 7.3%. By industry, actual utilized foreign investment in manufacturing reached RMB 71.46 billion, and in services RMB 174.6 billion. Actual utilized foreign investment in high-tech industries reached RMB 102.73 billion, a year-on-year increase of 30.7%, accounting for 41.2% of the total actual utilized foreign investment nationwide, an increase of 12 percentage points compared to the same period last year. Among them, actual utilized foreign investment in R&D and design services, computer and office equipment manufacturing, and electronic and communication equipment manufacturing increased by 127.8%, 88.1%, and 23.8%, respectively. By origin, actual investment in China from Luxembourg, Switzerland, France, and South Korea increased by 96.8%, 50.4%, 42.3%, and 35.2%, respectively (including investment data through free ports).April 24 (Xinhua) -- Iranian Vice President Esmail Saghab Isfahani stated that Iran will retaliate severely against any attack on its energy facilities, according to Iranian sources on the 24th. Speaking at a rally in Eslam Shahr, Iran, Isfahani said that if the enemy misjudges the situation again, Irans strategy will escalate. Irans response to any potential attack will not stop at "an eye for an eye," which is only the first step. "If any Iranian oil well is attacked, we will target the oil fields of countries that launch attacks from their territory," Isfahani said. Isfahani added that Iran is fully prepared to maintain a continuous energy supply, and arrangements in the energy and electricity sectors are in place, so the public need not worry.On April 24th, Tesla (TSLA.O) CEO Elon Musk posted on his social media site X that Tesla has begun production of its Cybercab self-driving taxis, fulfilling a long-promised launch plan. Tesla had previously announced plans to begin production of its latest model this month, envisioning the futuristic Cybercab as part of its self-driving taxi network. This two-door, two-seater sedan, unveiled two years ago, lacks a steering wheel and pedals, requiring certain exemptions from US regulators.A Bank of England survey released on Friday, April 24, showed that British businesses surveyed in April expect prices to rise faster than before the Middle East conflict, but wage growth is expected to slow. A separate report from the Bank of Englands regional agents noted that while businesses are concerned about the conflict, "few businesses currently report a significant impact on their output, business activities and plans." The survey, conducted from April 2 to 17, interviewed approximately 2,030 chief financial officers. Energy prices have surged and remained high since the attacks on Iran in late February. The survey found that businesses expect prices to rise by 3.8% over the next 12 months, up from 3.5% in March. Businesses reported that their pricing rose by 3.7% in the year to April. The anticipated signs of rising inflation will concern Bank of England policymakers, who will meet next week to formulate policy and are expected to keep the key interest rate unchanged at 3.75%.Japanese Prime Minister Sanae Takaichi urged the cabinet to seek new sources of oil imports. It is estimated that approximately 60% of crude oil imports in May will bypass the Strait of Hormuz.

Silver Price Analysis: XAG/USD declines rebound off three-week-old support near $20.00

Daniel Rogers

Mar 09, 2023 13:53

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Silver price (XAG / USD) receives bids to rebound from the Year-to-Date (YTD) lows while printing modest gains around $20.00, up 0.18% intraday heading into Thursday's European session.

 

In doing so, the precious metal rebounds off a three-week-old descending support line, around $19.80 at the time of publication, accompanied by an oversold RSI (14).

 

The XAG / USD rebound, however, appears elusive unless the price remains below the previous day's high around $20.22.

 

However, a clear break above $20.22 will defy the bearish candlestick formation and could drive the Silver price toward a late-February swing low around $20.45.

 

It’s worth noting, though, that the XAG/USD run-up beyond $20.45 needs validation from the $21.00 round figure and the 100-SMA hurdle of $21.15 to persuade the purchasers.

 

Meanwhile, retracement moves may retest the aforementioned support line, near $19.80. Following that, the $19.00 and November 2022 low around $18.85 may entice Silver speculators.

 

The previous yearly low, which was set in September 2022, will be in focus if the XAG / USD bears maintain control above $18.85.

 

Ultimately, the Silver bears appear to be losing momentum, but the bulls have a long way to go before regaining control.