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On September 20, Egyptian President Abdel Fattah al-Sisi met with visiting CIA Director John Ratcliffe and expressed his support for resolving regional hotspots such as Iran and Palestine through political means. According to a statement released by the Egyptian presidential palace that day, Sisi stated during the meeting that Egypt fully supports efforts aimed at reaching a comprehensive agreement to resolve the Iranian crisis, in order to promote the restoration of regional security and stability and guarantee freedom of international navigation. He emphasized that regional crises should be resolved through political and diplomatic means.On September 20th, the Ministry of Culture and Tourism issued the "15th Five-Year Plan for the Construction of the Public Cultural Service System." The plan proposes that by 2030, the level of balanced development of public cultural services will be continuously improved, the integrated construction of urban and rural public cultural service systems will be fully promoted, and the regional collaborative development mechanism will be more sound. The supply mechanism of public cultural services will be further improved, and an open, diversified, and collaborative supply pattern will be basically formed. The digitalization of public culture will reach a new level, and digital resources will be richer. Significant progress will be made in the reform of the public cultural service system and mechanism, and the vitality of innovation and creativity in public culture will be significantly enhanced. The plan comprehensively deploys five key tasks: promoting the quality and efficiency of public cultural services through reform, continuously promoting the construction of modern public libraries, promoting the prosperity and development of mass culture, promoting the balanced development of public cultural services, and improving the digitalization level of public cultural services. At the same time, it lists 18 key projects based on actual conditions to ensure that the direction is clear, the long-term goals are well-defined, and the implementation is grounded in reality.On September 20, two attacks occurred in the West Bank, resulting in the death of one Israeli and one Palestinian by Israeli forces. The Israel Defense Forces (IDF) issued a statement saying that a Palestinian man attempted to ram Israeli soldiers with his car in the Ghanim area near Jenin in the northern West Bank and was shot dead by Israeli forces. Separately, according to the IDF and Israeli emergency services, a shooting occurred near the Nevechuff settlement northwest of Ramallah. A gunman opened fire from a car on Israelis near a spring, seriously injuring one Israeli man before fleeing the scene. Israeli media, citing medical personnel, reported that the seriously injured man had died.On September 20th, the Party Leadership Group of the Ministry of Agriculture and Rural Affairs held a meeting. The meeting emphasized that cultivating and strengthening the agricultural machinery equipment industry is a key support for agricultural modernization. It stressed adhering to the development direction of intelligence, greening, and integration, focusing on addressing prominent shortcomings such as high-end intelligent machinery and machinery suitable for hilly and mountainous areas. The meeting called for concentrating superior resources and efforts to overcome key challenges in a number of landmark complete machines and key common technologies, accelerating pilot-scale testing and mature application, so that more areas of agricultural production can have "organic produce available and good machinery available." The meeting also emphasized vigorously promoting "artificial intelligence + agriculture," expanding application scenarios for drones, the Internet of Things, and other technologies, so that new productive forces can better empower the development of modern agriculture.On September 20th, US President Trump stated on social media: "At the strong request of the US military and for national security purposes, I have agreed to transform the magnificent Arc de Triomphe—planned for many years since the Civil War—located in Reception Plaza next to the Arlington Memorial Bridge, into a top-tier military complex/Arch de Triomphe—capable of housing, storing, and rapidly deploying large numbers of drones, while also deploying snipers on the rooftops and plaza area, and additionally storing and maintaining a large quantity of sniper ammunition. There is no similar facility anywhere else in the world. Of the 59 top cities and capitals in the world, Washington, D.C., is the only city without an Arc de Triomphe, but now it will have one, and it will be the greatest ever!"

Silver Price Analysis: XAG/USD flirts with the daily high but upside potential appears restricted

Daniel Rogers

Oct 17, 2022 14:43

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On the opening day of the new week, silver gains ground and moves away from a two-week low of $18.00, which was reached on Friday. The white metal maintains its bid tone heading into the European session and is currently flirting with the daily high in the zone between $18.50 and $18.45.

 

The XAG/USD appears to have ended a six-day losing run and halted its recent steep rejection decline from the 200-day exponential moving average, or its highest level since late June. The area between $18.90 and $19.00 should serve as a pivot point for intraday traders for any future upward movement.

 

Continued strength beyond may spark a short-covering rally and boost the XAG/USD back to the supply zone between $19.70 and $19.80. In the meantime, oscillators on the daily chart have just begun to move into negative territory. In addition, bearish technical signs on the 4-hour chart call for caution before positioning for additional gains.

 

However, sustained buying above the $20.00 psychological level will neutralize any near-term bearish view and pave the door for a further near-term uptrend. The XAG/USD could next ascend to the $20.50 intermediate resistance level en way to the $21.00 round number and the 200-day EMA, which is now located in the $21.15 area.

 

In contrast, the $18.00 level appears to have arisen as immediate strong support, which, if decisively breached, will be viewed as a new trigger for bearish traders. The subsequent key support is located at the yearly low, in the vicinity of the $17.55 region recorded in September, below which the XAG/USD might test the $17.00 round number.