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On September 8, Foreign Ministry Spokesperson Mao Ning held a regular press conference. Mao Ning stated that there is only one China in the world, and Taiwan is an inseparable part of Chinas territory—an unshakeable historical and legal fact. UN General Assembly Resolution 2758 solemnly affirms the one-China principle, explicitly restoring all the rights of the Peoples Republic of China and clarifying that China has only one seat in the United Nations; there is no such thing as "two Chinas" or "one China, one Taiwan." Taiwan has never been a country, and it will never be. The Lai Ching-te administrations wanton distortion of UN General Assembly Resolution 2758 once again exposes its separatist nature of "Taiwan independence." Its fallacies cannot change the historical and legal fact that both sides of the Taiwan Strait belong to one China, nor can they shake the international communitys firm commitment to the one-China principle.September 8th – On September 8th, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A Reuters reporter asked, “India is about to host the 18th BRICS Summit. Who will China send to this summit? What are China’s expectations for this summit?” Mao Ning stated that China attaches importance to BRICS cooperation and supports India in successfully hosting this year’s leaders’ summit. “However, I have no information to provide on your specific question at this time,” Mao Ning said.Infineon shares fell 2.3% after Morgan Stanley downgraded its rating from overweight to neutral.September 8th - With the resumption of oil transport through the Strait of Hormuz, Kuwaiti crude oil exports have recovered to approximately 1 million barrels per day, including ship-to-ship transshipment outside the strait. Sabah, Managing Director of International Marketing at Kuwait Petroleum Corporation (KPP), stated that the company is also delivering directly to customers. Currently, they are using both their own tankers and chartered vessels to transport oil. As more tankers find routes through the Strait of Hormuz, Kuwaiti crude oil exports have recovered to nearly two-thirds of last years average daily export of 1.6 million barrels. Kuwaiti crude oil exports had fallen to multi-year lows since the outbreak of the Iraq War in late February.According to the Bahrain News Agency: Bahrain strongly condemns the Houthi attacks on Saudi civilians and key facilities once again.

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.

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