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August 18th - It has been reported that following the requirement for new account openings to confirm the source of funds as legitimate overseas, some Hong Kong banks have begun initiating a declaration process for the source of funds for some existing mainland investment clients. HSBC Hong Kong has recently issued notices to some existing mainland investment clients, requiring them to submit a "Declaration of Account Opening/Maintenance" through the HSBC Hong Kong App by September 12th and update their contact information. The declaration includes confirmation that investment funds come from legitimate sources outside mainland China and that the bank may disclose personal data as required by law enforcement or regulatory authorities. The notice also states that if the declaration is not submitted by August 20th, investment-related services may be suspended; if it is still not submitted by September 12th, investment-related services may be terminated. In response, an HSBC spokesperson stated on August 18: "We comply with relevant regulatory requirements when managing investment client relationships. Therefore, we invite relevant mainland China investors to provide self-declarations confirming that the information they provided in Know Your Customer (KYC) and Client Due Diligence is up-to-date and valid. This helps us to continue providing uninterrupted services to our clients." HSBC emphasized that this latest declaration requirement only applies to investment service clients.The Malaysian Ministry of Finance announced that the 2027 budget will be submitted to Parliament on October 9.The European-Mediterranean Seismological Centre reports a 5.7-magnitude earthquake off the coast of Chiapas, Mexico.August 18 - According to Irans Tasnim News Agency, Iranian Parliament Speaker Qalibaf will lead a high-level parliamentary delegation to Iraq today to discuss regional developments, strengthen strategic cooperation between Tehran and Baghdad, and explore solutions to jointly achieve stability and security in West Asia.August 18th - According to the Guangdong Sub-Administration of the General Administration of Customs, from January to July, customs in Guangdong Province processed 186,000 applications for tax refunds upon departure, totaling 1.69 billion yuan, representing year-on-year increases of 6.4 times and 1.2 times respectively. Electronic products and clothing were the most popular items for travelers applying for tax refunds. The Guangdong Sub-Administration of the General Administration of Customs stated that it will further optimize customs clearance services, strengthen inter-departmental coordination, and improve the convenience of processing tax refunds upon departure.

Silver price analysis: XAG/USD declines from a 13-day-old resistance line below $21.00

Daniel Rogers

Mar 13, 2023 11:37

 截屏2022-07-29 上午11.05.40.png

 

Silver price (XAG/USD) maintains modest gains near $20.60 as it probes the metal's retreat from a key short-term resistance line on Monday morning. Despite this, the XAG/USD maintains its three-day winning trend and extends yesterday's recovery from the lowest levels since November 4, 2022.

 

Nonetheless, the impending bear cross on the MACD and the bullion's inability to remain above the 200-SMA, not to mention the failure to cross a two-week-old resistance line, give Silver price bears reason for optimism.

 

Consequently, the bullion remains on track to retest the two-week-old horizontal support zone close to $20.40. However, the metal's further decline may make it difficult to break the $20.00 psychological magnet.

 

The focus will then shift to the monthly low of $19.95 and the November 2022 low around $18.85.

 

On the contrary, recovery movements remain elusive unless the XAG/USD remains below the downward-sloping resistance line from late February, around $20.90 at the latest. The $21.00 round number also functions as an upside filter.

 

The previous week's high near $21.30 may serve as the last line of defense for the XAG/USD skeptics if Silver purchasers maintain control above $21.00.


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