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March 16 - The Ministry of Commerce will hold a press conference at 3:00 p.m. on Thursday, March 19, 2026, where a spokesperson will introduce the recent key work in the commercial field and answer questions from reporters.On March 16, in response to US remarks concerning China regarding the Strait of Hormuz, Foreign Ministry Spokesperson Lin Jian stated at a regular press conference that the recent tensions in the Strait of Hormuz and its surrounding waters have disrupted international trade routes for goods and energy, and undermined regional and global peace and stability. China reiterates its call for all parties to immediately cease military operations, avoid further escalation of tensions, and prevent regional instability from having a greater impact on global economic development. China is maintaining communication with all parties regarding the current situation and is committed to promoting de-escalation.On March 16th, a fire broke out at an oil tank facility near Dubai International Airport (DXB) in the United Arab Emirates. Preliminary investigations suggest a drone attack caused the fire. Flights at Dubai International Airport have been temporarily suspended, and Emirates Airlines has announced a suspension of operations, with some scheduled flights cancelled today. Several domestic flights bound for Dubai have been diverted to other airports today, including Guangzhou to Dubai EK363, Shanghai to Dubai EK303, and Shenzhen to Dubai EK329, which have been diverted to Al Maktoum International Airport (DWC). Beijing to Dubai EK307 has been diverted to Muscat. Previously, domestic airlines had suspended flights to Dubai until the end of the month, with only Emirates Airlines still operating flights.March 16th Futures News: On March 16th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 174,616 tons, an increase of 2,384 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 17,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 360 tons, an increase of 360 tons compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 4,160 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged compared to the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 36,100 tons, up 2,940 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 61,780 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 25,620 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.EU High Representative for Foreign Affairs and Security Policy Karas: The US exemption of sanctions on Russian oil sets a dangerous precedent.

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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