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On April 5th, Hong Kong Financial Secretary Paul Chan Mo-po stated in his blog that the average daily turnover of Hong Kong stocks in March exceeded HK$300 billion, an increase of over 8% compared to the same period last year. This reflects Hong Kongs status as a reliable safe haven for capital, coupled with the stable economic growth of mainland China and the large number of high-quality companies listing in Hong Kong, providing investors with abundant investment opportunities. Chan noted that as of March 27th, Hong Kongs IPO fundraising this year has exceeded HK$103 billion, ranking first globally. Including subsequent financing, the total fundraising scale is approximately HK$237 billion. More importantly, an increasing number of companies listing in Hong Kong are emerging industries, with over 500 applications currently in the queue. It can be said that more and more companies view Hong Kong as an important window for financing and overseas expansion.April 5th - According to the Israeli Ministry of Health, the total number of Israelis hospitalized due to the conflict since the outbreak of the US-Israel-Iraq conflict has risen to 6,833, with 138 still receiving treatment in hospitals.On April 5th, the Central Command of the Iranian Armed Forces, Hatem Anbia, announced that in response to the US actions to rescue its downed fighter pilot, Revolutionary Guard fighters, in conjunction with the Basij militia and with the cooperation of the Law Enforcement Commands commando unit, shot down and destroyed an enemy aircraft south of Isfahan. The Iranian Islamic Revolutionary Guard Corps also stated that, during the US pilot rescue mission, multiple departments of the Iranian armed forces collaborated to destroy an enemy aircraft. This information has not yet been confirmed by the US. On the same day, according to the New York Times website, two US military transport planes malfunctioned and became "stranded" while carrying out a pilot rescue mission in Iran. The US subsequently dispatched three new aircraft to continue the rescue mission and destroyed the two malfunctioning transport planes.April 5th - According to the China State Railway Group Co., Ltd., on April 4th, the national railway system transported 22.123 million passengers, setting a new record for single-day passenger volume during the Qingming Festival holiday. On April 5th, the national railway system is expected to transport 14.7 million passengers, with 768 additional passenger trains planned.Bahrains national oil and gas company confirmed that an incident occurred at one of its oil storage facilities on Sunday following an Iranian attack, resulting in a fire in the oil tanks. The fire has been completely extinguished, the situation is under control, and damage is currently being assessed. No casualties have been reported.

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.