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On April 12, Reserve Bank of New Zealand (RBNZ) Governor Anna Brehman stated that the RBNZ will soon announce measures to increase the transparency of its monetary policy decisions. Currently, the RBNZs Monetary Policy Committee determines the official cash rate either through consensus or by vote, but the individual members decision-making processes are not disclosed. When asked on Sunday whether she supported making the voting results public, Brehman said, "This is a decision made between the Monetary Policy Committee and the Minister for Finance. We have completed the relevant procedures and will announce any possible adjustments soon." Brehman joined the RBNZ from the Swedish Federal Reserve in early December. The RBNZ is considered one of the most transparent central banks globally. She now holds press conferences after each interest rate decision (instead of just quarterly), and from 2027 onwards, the Monetary Policy Committee will make eight interest rate decisions annually, up from the current seven.According to Irans Tasnim News Agency on the 12th, the time, place, and plan for the next round of negotiations between Iran and the United States have not yet been announced.With the US-Iran talks concluded, US Vice President Vance has left Pakistan, and the Iranian delegation will also depart on the 12th.April 12 – To promote the peaceful development of cross-strait relations and enhance the well-being of compatriots, the Taiwan Affairs Office of the CPC Central Committee, in consultation with relevant departments, has been authorized to issue the following policy measures: Explore the establishment of a regular communication mechanism between the Kuomintang (KMT) and the Communist Party of China (CPC). Establish a formalized platform for two-way exchanges between young people of the two parties. Promote water, electricity, gas, and bridge connections between coastal Fujian and Kinmen and Matsu, where conditions permit, to enhance the interests and well-being of the people of Kinmen and Matsu. Promote the full resumption of normalized direct cross-strait air passenger flights to further facilitate personnel exchanges between the two sides. Establish a communication mechanism on the basis of adhering to the "1992 Consensus" and opposing "Taiwan independence" to facilitate the import of Taiwanese agricultural and fishery products that meet inspection and quarantine standards into the mainland.April 12 - According to Iranian sources early this morning, the Iran-US negotiations ended minutes earlier, with no agreement reached due to "US greed and ambition."

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.