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On August 28, Foreign Ministry Spokesperson Lin Jian held a regular press conference. It was reported that US President Trump hinted yesterday that the US government might sanction Chinese banks that still maintain business ties with Iran in order to further isolate Iran. How does China respond? Lin Jian stated that regarding the situation in Iran, we have always believed that dialogue and negotiation are the only way to resolve the issue. Chinas position against illegal unilateral sanctions is consistent and clear.The local governor said that industrial facilities in Russias Yaroslavl region were attacked by drones.On August 28th, according to foreign media reports, sources familiar with the matter revealed that SoftBank Group is seeking a $10 billion loan to obtain more funds to refinance the debt it incurred for its investment in US tech giant OpenAI. The two-year loan will have an interest rate spread approximately 275 basis points higher than the benchmark Secured Overnight Financing Rate (SOFR), with Mizuho Bank acting as the designated lead arranger and bookrunner. This loan will be one of a series of recent debt financing activities related to SoftBanks bet on OpenAI. Sources indicated that part of the loan funds may be used to repay a $40 billion bridge loan SoftBank obtained earlier this year for its OpenAI investment. The deadline for loan commitments is August 31st, and several banks have already begun discussions to participate in the loan. SoftBank is also considering raising more funds through the bond market, considering issuing $10 billion to $20 billion in bonds to help refinance the bridge loan, while also planning a record 1 trillion yen retail bond issuance in the Japanese domestic market.On August 28, Ukrainian Agriculture Minister Taras Vysotsky stated on Friday that Ukraines total food exports so far in August have reached 1.42 million metric tons, including 822,000 tons of grain, with total monthly exports potentially reaching 1.7 million tons. The Odessa port hub in Ukraine has been effectively shut down since the end of July due to Russian drone and missile attacks on docks and ships. Before the port closure, Ukraines monthly food exports were at least 4 million tons.Sources say SoftBank is seeking a $10 billion loan to refinance debt for its investment in OpenAI.

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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