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The Reserve Bank of India kept its benchmark interest rate unchanged at 5.25%, in line with market expectations.February 6th - Hong Kong stocks opened lower this morning but rebounded after fluctuating throughout the morning session. At midday close, the Hang Seng Index fell 1.13%, and the Hang Seng Tech Index fell 0.47%. Tea beverage stocks led the gains, with Chabaidao (02555.HK), Gu Ming (01364.HK), and Shanghai Auntie (02589.HK) all rising over 3%. Battery concept stocks fluctuated higher, with Ganfeng Lithium (01772.HK) and CATL (03750.HK) both rising over 2%. New energy vehicle stocks strengthened, with NIO-SW (09866.HK) rising over 7% and Li Auto (02015.HK) rising over 5%. Biopharmaceutical concept stocks continued their upward trend, with Innovent Biologics (09969.HK) rising over 11%. In addition, optical communications, power equipment, commercial aerospace, robotics, wind power, and chip concepts also strengthened in the morning session. Leading tech stocks declined, with Alibaba (09988.HK), JD.com (09618.HK), and NetEase-S (09999.HK) all falling by more than 2%. In addition, stocks related to Chinese securities firms, photovoltaic solar energy, non-ferrous metals, and home appliances also weakened. In terms of individual stocks, Meituan (03690.HK) closed down 1.92% in the morning session, following its proposed acquisition of Dingdong for US$717 million; Zhipu (02513.HK) continued its downward trend, falling by more than 6%; and MINIMAX-WP (00100.HK) fell by more than 4%.According to Futures News on February 6, the holdings of the worlds largest silver ETF, iShares Silver Trust, decreased by 122.6 tons from the previous day, with the current holdings at 16,247.45 tons.On February 6th, Aier Eye Hospital issued an announcement clarifying that some media reports regarding suspected irregularities at a psychiatric hospital have directly linked Xiangyang Hengtaikang Hospital Co., Ltd. to Aier Eye Hospital. The company states: Xiangyang Hengtaikang is not a subsidiary of Aier Eye Hospital. It is a fourth-tier subsidiary jointly established by Aier Medical Investment Group Co., Ltd. and other investors. Xiangyang Hengtaikang is operated by its hospital management team. Aier Medical Investment does not participate in the daily operations and management of Xiangyang Hengtaikang. Aier Eye Hospital has no equity control, business affiliation, or management relationship with Hunan Hengtaikang Rehabilitation Medical Industry Development Co., Ltd. and its subsidiaries.According to Futures News on February 6, the holdings of the worlds largest gold ETF, SPDR Gold Trust, decreased by 4 tons from the previous day, with the current holdings at 1077.95 tons.

Analysis of the Silver Price: XAG/USD retreats from the 10-DMA above $19.00

Alina Haynes

Sep 16, 2022 14:47

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Silver price (XAG/USD) oscillates between $19.15 and $20 early on Friday morning in Europe, fading the early Asian session rebound off the 10-day simple moving average.

 

The recent inactivity of the precious metal could be attributed to its inability to surpass the 50-day moving average, which was around $19.25 as of press time. Nonetheless, the bullish MACD indications and firmer RSI (14) provide optimism for the XAG/USD bulls.

 

However, a downward sloping resistance line from June around $19.90 appears to be a formidable obstacle for bulls.

 

The 100-day simple moving average level near $20.35 then functions as the final line of defense for XAG/USD bears before directing the market to the previous monthly peak near $20.90 and finally to the $21.00 threshold.

 

Alternately, pullback moves could initially target the 10-DMA support level of $18.90 before driving sellers to the multiple levels between $18.25 and $18.10.

 

In the event that silver sellers maintain control beyond $18.10, the $18.00 round number and the annual low near $17.55 will be in focus.

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