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On July 26, Australian Prime Minister Barnes stated that he would raise the issue of tariffs with US President Trump. This comes after Washington imposed new tariffs on trading partners, including Australia. The Labor government, led by Barnes, has called the tariffs unreasonable and expressed its desire for their removal. When asked if he would discuss the issue with Trump, Barnes replied, "Of course." "We will raise this issue at all levels of the Australia-US relationship, and in fact, we have already done so."July 26 – According to Politico, as the US-Iran conflict continues, Arab countries suffering retaliatory attacks from Tehran are attempting to unite and find a path to peace. However, long-standing contradictions are hindering this process. In recent weeks, senior officials from the UAE and Saudi Arabia have publicly posed for photos together, demonstrating a thaw in relations; Jordan and six members of the Gulf Cooperation Council (GCC) have also held talks at the US State Department and Capitol Hill; and the GCC has issued several joint statements condemning Irans attacks. However, several Arab diplomats, current and former US officials, and people familiar with the regional situation say that while these countries all want to ensure the Strait of Hormuz remains open, their differing priorities in how to achieve this goal are hindering substantial progress. These differences include a series of conflicting interests, such as which countries possess alternative shipping lanes, which countries have the deepest infrastructure ties with Iran, and which countrys economy will suffer the greatest losses in the current crisis. An Iraqi official stated, "They are working together to visit the U.S. Congress and the State Department to coordinate their messaging. But they are not on the same page." The Gulf Cooperation Council (GCC), comprised of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, already had numerous internal divisions before the current conflict, and the war with Iran is further amplifying these contradictions. "They have many issues to resolve, and this war has exacerbated the existing divisions in the Gulf region," said David Schenker, former U.S. State Department director for Middle East affairs.July 26 - Queensland, Australia, confirmed a case of highly pathogenic H5N1 avian influenza on July 25. This is the fourth state in the country to confirm a case of H5N1 avian influenza since June.July 26 - Japanese media reported on the 25th that the temperature in Mie Prefecture in central Japan reached 40.2 degrees Celsius that afternoon. This marks the fifth consecutive day that Japan has experienced temperatures above 40 degrees Celsius, setting a new record for the longest such streak since records began in 2010.The Korea Automobile and Mobility Industry Association (KAMA) predicts that domestic car sales in South Korea will increase by 2.7% year-on-year in the second half of the year, reaching 865,000 vehicles, with total sales for the year reaching 1.71 million vehicles.

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.