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Japans 20-year government bond yield rose 2 basis points to 2.725%.The Hang Seng Index in Hong Kong opened at 25,969.21 points on October 14 (Tuesday), up 79.73 points, or 0.31%. The Hang Seng Tech Index in Hong Kong opened at 6,180.08 points on October 14 (Tuesday), up 34.57 points, or 0.56%. The CSI 300 Index opened at 9,251.66 points on October 14 (Tuesday), up 29.12 points, or 0.32%. The H-share Index opened at 4,023.81 points on October 14 (Tuesday), down 2.44 points, or 0.06%.On October 14th, Kyodo News reported that the secretaries-general of the Constitutional Democratic Party of Japan (CDP), the Japan Restoration Party (JRJ), and the Democratic Party for the People (DPN) are expected to hold a meeting on the afternoon of the 14th regarding the prime ministerial nomination election to select the successor to Prime Minister Shigeru Ishiba. Separately, the Liberal Democratic Party (LDP) will hold a secretary-general meeting with the DPN that afternoon. DPN leader Yuichiro Tamaki will hold a press conference that morning. Tamaki has expressed his willingness to hold a party leaders meeting with LDP leader Yoshihiko Noda, emphasizing that reaching consensus on security and energy policy is a prerequisite for cooperation in the prime ministerial nomination election. The LDP will hold a meeting with members of both houses of parliament in the afternoon, where party president Sanae Takaichi will explain the reasons behind Komeitos withdrawal from the ruling coalition.On October 14, Country Garden Holdings (02007.HK) announced on the Hong Kong Stock Exchange that it will hold a plan meeting on November 5, where creditors will vote on its offshore debt restructuring plan. If approved at the meeting, the plan will then require court approval and confirmation. The plan confirmation hearing is scheduled for December 4.Hang Seng Index futures opened up 0.3% at 25,887 points, 2 points below the spot price.

Silver Price Analysis: XAG/USD is around the daily high and is set for additional appreciation

Alina Haynes

Dec 26, 2022 19:12

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Silver receives new offers on Friday, snapping a two-day losing run and halting this week's retreat from an eight-month peak. The white metal maintains its bid tone throughout the first half of the European session and is currently positioned near the daily high, in the vicinity of $23.75.

 

The development of purchasing at the $23.40-$23.35 horizontal resistance breakpoint, which is now acting as support, favors bullish traders from a technical standpoint. The restrictive setting is backed by oscillators on the daily chart maintaining their positive bias and oscillators on the 4-hour chart regaining momentum.

 

Consequently, a subsequent rally toward recovering the $24.00 threshold remains a real possibility. The next significant barrier is located at the multi-month high, in the vicinity of the $24.30 region that was achieved on Wednesday. If this barrier is cleared, the XAG/USD should rise towards the $25.00 psychological level, with an intermediate barrier near the $24.60-$24.70 region.

 

On the other hand, the $24.40-$24.35 resistance-turned-support, which is also the daily low, should protect the near-term downside before to the $24.15 confluence support. The latter consists of the 100-period SMA on the 4-hour chart and an ascending trend line extending from the November low, which should provide a solid foundation for the XAG/USD.

 

A convincing breakthrough, followed by a decline below the $23.00 round number, will negate the positive view and alter the bias towards bearish traders. The XAG/USD may therefore become susceptible and accelerate its decline to test the $22.00 round-figure level, with some intermediate support in the $22.55-$22.50 horizontal zone.

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