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As of 10:23 on August 24, in terms of capital inflows into domestic futures main contracts, Shanghai Gold 2610 saw an inflow of 1.004 billion yuan, Shanghai Copper 2610 saw an inflow of 933 million yuan, and Lithium Carbonate 2701 saw an inflow of 856 million yuan. In terms of capital outflows, CSI 1000 2609 saw an outflow of 7.601 billion yuan, CSI 2609 saw an outflow of 4.226 billion yuan, and CSI 2609 saw an outflow of 3.337 billion yuan.Gold prices rose to their highest level in over three months on Monday, supported by a weaker dollar, as market focus shifted to key US inflation data and Federal Reserve Chairman Warshs speech later this week. Tim Waterer, chief market analyst at KCM Trade, said gold started the week strongly, regaining buying support, primarily driven by a weaker dollar. The market is also paying closer attention to signals that rising yields may signal underlying economic pressures and policy uncertainty. The market will be watching the July PCE price index and Warshs speech at the Jackson Hole symposium this week for new clues about the interest rate outlook. "Traders will be closely watching for any changes in his tone regarding the policy path and how that rhetoric resonates with recent bond market movements. A balanced or cautious tone, leaving room for policy flexibility, could open the door for further gains in gold prices."August 24th - US long-term interest rates are rising, currently at levels roughly equivalent to those before the 2008 global financial crisis. Moodys Analytics chief economist Mark Zandi stated that the Iran war is the primary reason driving up long-term interest rates. However, he added that the Federal Reserve is also a contributing factor. Fed Chairman Warsh seems to believe that the Fed should not comment on forward guidance or even its policy response function, which is also pushing up long-term interest rates. Because this approach increases uncertainty, bond investors are demanding higher yields as compensation.Data from the UK National Grid shows that the Hisham 2-7 nuclear reactors have been restored to grid operation after being shut down.On August 24th, it was reported that the State Administration for Market Regulation (National Standardization Administration) has released over 2,800 national standards this year, of which over 1,400 are for emerging industries, accounting for more than 50%, effectively supporting the vigorous development of new productive forces. Specifically, the new generation information technology industry and the new materials industry each released over 300 national standards. Standards such as "Multimodal Data Format for Brain-Computer Interface" and "Intelligent Classification of Artificial Intelligence Terminals" have set cutting-edge benchmarks for the development of the information technology industry; standards such as "High-Strength Crack-Arresting Steel Plate for Marine Use" and "Polyacrylonitrile-Based Oxidized Fiber" have promoted the industrialization of new materials. The new energy industry and the energy conservation and environmental protection industry each released over 100 new national standards. The "Safety Requirements for Electric Vehicles" and "Safety Requirements for Power Batteries for Electric Vehicles," dubbed the "strictest ever," promptly addressed public concerns about the safety of new energy vehicles. In addition, a number of important standards were released, such as "Requirements for Mechanical Interface of Flat-Plate Stacked Satellites and Rockets" and "Specifications for Flight Management and Service Information Interaction of Unmanned Aerial Vehicles," effectively meeting the urgent needs of emerging industries such as aerospace and low-altitude economy.

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

Daniel Rogers

Mar 13, 2023 11:37

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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.