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The Hang Seng Index fell by more than 1%, and the Hang Seng Tech Index fell by more than 3%. Star tech stocks, artificial intelligence, lithium batteries, and chip concepts led the decline, while power equipment, building materials and cement, and home appliances concepts bucked the trend and strengthened.February 3rd - The Fifth Session of the 14th Sichuan Provincial Peoples Congress opened on the morning of February 3rd. The meeting heard a work report delivered by Governor Shi Xiaolin on behalf of the Provincial Peoples Government. The main expected targets for the provinces economic and social development this year are: GDP growth of around 5.5%; 850,000 new urban jobs, with the urban surveyed unemployment rate around 5.5%; a consumer price index increase of around 2%; a 2% increase in local general public budget revenue, with residents income growth basically in sync with economic growth; grain output exceeding 73 billion jin; and fulfilling energy conservation, emission reduction, and carbon reduction targets as required by the state.The main Shanghai silver futures contract hit its daily limit down again, falling 20% to 20,600 yuan/kg.The Hang Seng Tech Index fell by more than 2%, with star tech stocks leading the decline. Kuaishou (01024.HK) fell by more than 6%, Baidu (09888.HK) and Bilibili (09626.HK) both fell by more than 5%, and Tencent Holdings (00700.HK) fell by nearly 5%.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report stated that this year, the city will implement the new version of the Catalogue of Industries Encouraging Foreign Investment, enhance the service level for major foreign investment projects, guide and support foreign-invested enterprises to invest more in advanced manufacturing, modern services, high technology, energy conservation and environmental protection industries, promote the implementation of a number of foreign investment projects in the fields of finance, telecommunications, healthcare, and cultural tourism, further enhance the level of regional headquarters of multinational corporations and foreign-invested R&D centers, and better protect the legitimate rights and interests of foreign-invested enterprises.

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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