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On June 16, Fu Linghui, spokesperson for the National Bureau of Statistics, stated at a press conference held by the State Council Information Office that the equipment manufacturing industry has played a significant supporting role in industrial production, becoming a crucial force driving accelerated industrial growth. In May, the added value of the equipment manufacturing industry increased by 9.5% year-on-year, contributing nearly 80% to the growth of the added value of industries above a designated size.According to the National Bureau of Statistics, caustic soda (100% purity) production in May was 3.9 million tons, up 2.2% year-on-year. From January to May, the cumulative production of caustic soda (100% purity) was 19.85 million tons, up 5.1% year-on-year.According to the National Bureau of Statistics, sulfuric acid (100% purity) production in May was 8.37 million tons, a year-on-year decrease of 1.6%. From January to May, the cumulative sulfuric acid (100% purity) production was 44.29 million tons, a year-on-year increase of 1.9%.According to the National Bureau of Statistics, the output of ten non-ferrous metals in May was 6.98 million tons, up 2.2% year-on-year. The cumulative output of ten non-ferrous metals from January to May was 34.38 million tons, up 3.1% year-on-year.According to the National Bureau of Statistics, cement production in May was 149.91 million tons, down 8.1% year-on-year. From January to May, cumulative cement production was 590.91 million tons, down 8.6% year-on-year.

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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