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On June 22, it was reported that the Ministry of Finance, together with the Ministry of Agriculture and Rural Affairs, recently allocated 219 million yuan in agricultural production disaster prevention and relief funds to support seven provinces, including Inner Mongolia, Hubei, Hunan, Guangdong, Chongqing, Guizhou, and Yunnan, in carrying out agricultural production disaster relief work. The funds will focus on providing appropriate subsidies for disaster relief measures such as crop replanting, repair of flood-damaged agricultural facilities, dredging and drainage of farmland, and emergency drying of summer grain. The aim is to fully support disaster-stricken areas in coping with the impact of floods, hail, and other disasters, accelerate the recovery of agricultural production, reduce agricultural losses, and help solidify the foundation for a bumper grain harvest.On June 22, US Vice President Vance addressed the nation from Switzerland. He stated that negotiations with Iran were progressing very smoothly and had yielded many positive developments. Technical discussions will continue, and he will soon return to the United States. The technical team still has much work to do, and technical negotiations will continue in the coming weeks and days. Vance noted that Iran has agreed to invite IAEA inspectors for a return visit, and the inspectors may begin work this week, as early as today. He may also have discussions with nuclear observers today. He emphasized that President Trump will respond when Iran makes false statements. Regarding the regional situation, Vance stated that a de-escalation mechanism has been established for Lebanon, hoping that Hezbollah will stop firing on Israel. This mechanism aims to curb the conflict in Lebanon while ensuring proper coordination and respect for Lebanese sovereignty. Furthermore, Vance stated that a mechanism has been established to keep the Strait of Hormuz open, which is currently open. He said he hopes to achieve a regional ceasefire and ensure Israels security, while believing that a very good foundation has been laid for a successful final agreement.June 22 - U.S. Vice President Vance said on the 22nd that the negotiations between the United States and Iran in Switzerland have made a lot of good progress, laying a very good foundation for reaching a final agreement. Iran has agreed to invite IAEA inspectors to visit Iran again.Note: Vice President Vances speech has ended.US Vice President Vance: American farmers will be richer if Iranian assets are unfrozen.

Silver Price Analysis: XAG / USD reverses from a six-week-old resistance level toward $22.00

Daniel Rogers

Mar 20, 2023 13:19

 截屏2022-06-06 下午5.54.42.png

 

As the Fed week gets underway, the silver price (XAG / USD) accepts offers to renew intraday lows near $22.40, reversing from the greatest levels since early February.

 

In doing so, the brilliant metal reverses from the horizontal area consisting of multiple peaks marked since February 3 at approximately $22.60.

 

Notably, the overbought conditions of the RSI (14) aid the XAG/USD in trimming recent gains near the multi-day high.

 

However, optimistic Silver purchasers are buoyed by bullish MACD signals and the metal's sustained trading above critical support levels.

 

A one-week-old ascending trend line near $21.90 and the 200-bar Exponential Moving Average (EMA) near $21.65 provide immediate crucial support.

 

The early-month swing high near $21.30 and the $21.00 round figure can act as additional downside filters for XAG/USD bears before targeting the monthly low of $19.90.

 

In the meantime, the Silver price rise above the aforementioned resistance line near $22.60 requires confirmation from the 61.8% Fibonacci retracement level of the metal's February-March decline, which is located close to $22.85.

 

After that, a rise to the Year-To-Date (YTD) high around $24.65 cannot be ruled out.

 

Silver prices are expected to decline overall, but the bears have a long way to go before regaining control.