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April 10th - Market news: Ebrahim Azizi, chairman of the Iranian parliaments National Security Committee, stated on Friday that parliament has proposed a permanent ban on oil tankers linked to the United States and Israel passing through the Strait of Hormuz. Ships with ties to or traveling to Israel will also be prohibited from passage, and the ban will also apply to countries that take action against the Resistance Front.April 10 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on April 10. A reporter asked whether Foreign Minister Wang Yi, whose visit to North Korea had entered its second day, would meet with North Korean leader Kim Jong Un. Could the Foreign Ministry provide more information about the visit? Mao Ning stated that China had already released some press releases regarding Foreign Minister Wang Yis visit to North Korea, and would release further information as soon as possible. He encouraged the reporter to stay tuned.April 10th - Ahead of the US-Iran talks this weekend, oil prices rose but remained below $100 per barrel. Emmanuel Bellostrino, head of global oil and geopolitical market data at Kpler, stated, "The outcome of the negotiations, particularly whether a viable shipping agreement can be reached, is a key variable in determining whether the current backlog can begin to ease." In early European trading, both WTI and Brent crude oil prices continued to rise, currently trading at $99.7 per barrel and $97.6 per barrel respectively. Navigation in the Strait of Hormuz remains largely frozen, and supply disruptions are keeping the market tense. Irans attack on Saudi Arabias main export route (the East-West Pipeline) has reduced its capacity by approximately 700,000 barrels per day.On April 10, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked about the Japanese governments release of its Diplomatic Blue Book, which, compared to last year, downgraded Chinas description from "one of the most important bilateral relationships" to "an important neighbor." Mao Ning stated that the root cause of the current situation in China-Japan relations lies in Japanese Prime Minister Sanae Takaichis erroneous remarks regarding Taiwan, which have breached trust, damaged the political foundation of China-Japan relations, and challenged the post-war international order. Japan should abide by the four political documents between China and Japan and its own commitments, reflect on and correct its mistakes, and take concrete actions to safeguard the political foundation of China-Japan relations.On April 10, Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked: The Agreement on Biological Diversity in the Sea (ADBB) entered into force in January this year. China nominated Xiamen to host the ADBB Secretariat. Some media analysts believe that the United States has not yet ratified the ADBB and is cutting its budget to support the United Nations, allowing China to expand its influence in the field of ocean governance. What is Chinas response to this? Mao Ning stated that the core of multilateralism lies in the fact that world affairs are handled through consultation, jointly addressing challenges, and sharing opportunities and prosperity, rather than a zero-sum game where one side advances while the other retreats. The conclusion and entry into force of the ADBB is a victory for multilateralism and an important milestone in global ocean governance. The comprehensive and effective implementation of the agreement is crucial to human well-being. China has always adhered to genuine multilateralism, attaches importance to the protection and sustainable use of the ocean, and is willing to make new contributions to global ocean governance.

Silver Price Analysis: Bulls maintain control of the XAGUSD and could target the $22.50 supply zone

Alina Haynes

Nov 11, 2022 17:35

 截屏2022-11-08 下午5.37.02_1024x576.png

 

On Friday, silver extends its breakout momentum through the extremely significant 200-day simple moving average for a second consecutive session. During the early European session, the white metal reaches a five-month high, but struggles to achieve acceptance beyond the $22.00 round-figure threshold. However, the XAGUSD maintains its intraday gains and is currently trading in the $21.85-$21.90 range, up about 0.90% for the day.

 

The overnight rise from levels below $21.00 and subsequent strength above a technically key moving average bolster the likelihood of a near-term advance. However, the RSI (14) on the daily chart is close to entering overbought territory and aggressive bullish traders should proceed with caution. Before positioning for further gains, it is recommended to wait for some near-term consolidation or a slight drop.

 

Nevertheless, the XAGUSD is prepared to surpass $22.00 and may seek to test the next significant barrier near $22.45-$22.50. The aforementioned region represents a dense supply zone and may prove difficult for bulls to penetrate. However, some follow-through purchasing will signal a new breakout and pave the way for a move toward recovering the $23.00 round number. The momentum might eventually propel spot prices to a May swing high in the vicinity of $23.25 to $23.30.

 

In contrast, the daily low around $21.45 that coincides with the 200 DMA breakout point should protect the downside in the short term. Any more decline could be viewed as a buying opportunity and should be limited near $21.00. A decisive breach below might spark technical selling and bring the XAGUSD below the $20.40 support zone. Failure to defend the previously mentioned support levels could shift the near-term bias toward bearish traders.

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