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On January 21st, Hong Kong stocks opened lower but then trended higher, with the indices surging towards the close. The Hang Seng Tech Index rose as much as 1.7%, and the Hang Seng Index closed up 0.37% at 26,585.06 points. The Hang Seng Tech Index closed up 1.11% at 5,746.3 points. The total turnover of the Hang Seng Index market was HK$250.451 billion. On the sector front, gold and chip stocks strengthened, robotics concepts were active, and tech stocks rebounded; sporting goods and retail stocks declined. In terms of individual stocks, GigaDevice (03986.HK) rose over 6%, doubling its share price in just 7 days since its listing; Skyworth Group (00751.HK) resumed trading and rose 37.5%, MicroPort Robotics (02252.HK) rose 17.3%, TCL Electronics (01070.HK) rose nearly 15%, Delin Holdings (01709.HK) rose nearly 12%, Yuejiang (02432.HK) and Chifeng Gold (06693.HK) rose over 9%, Hua Hong Semiconductor (01347.HK) rose over 5%, and Kuaishou (01024.HK) rose 3.6%; Anta Sports (02020.HK) fell 4.2%, China Resources Land (01109.HK) fell nearly 3%, and Lenovo Group (00992.HK) fell 2.4%.The Hang Seng Index closed up 97.55 points, or 0.37%, at 26,585.06 on Wednesday, January 21; the Hang Seng Tech Index closed up 62.86 points, or 1.11%, at 5,746.3; the H-share Index closed up 28.19 points, or 0.31%, at 9,122.95; and the Red Chip Index closed up 15.13 points, or 0.36%, at 4,203.86.Hong Kong stocks closed higher, with the Hang Seng Index rising 0.37% and the Tech Index rising 1.11%. Chip and gold stocks strengthened, and tech stocks rebounded. Chifeng Gold (06693.HK) rose more than 9%, Hua Hong Semiconductor (01347.HK) rose more than 5%, and Kuaishou (01024.HK) rose 3.6%.On January 21, European Central Bank President Christine Lagarde stated that the new round of tariffs imposed by US President Donald Trump will have a negligible impact on European inflation. She said, "If we look at it from a short-term perspective, the direct impact is relatively small." Lagarde noted that Trumps latest threats will raise the average tariff rate in the Eurozone from approximately 12% to 15%. She added, "Inflation may be affected very slightly, perhaps rising slightly, but since the inflation rate is already at 1.9%, the impact will be negligible." However, she warned that large exporting countries, including Germany, will be hit harder than others, and cautioned about a potential confidence shock.The National Highway Traffic Safety Administration (NHTSA) has recalled 116,672 Ford vehicles in the United States due to a potential fire risk caused by an electrical short circuit.

Rising wedge confirmation lures XAG/USD bears towards $22.00, according to Silver Price Analysis

Daniel Rogers

Mar 22, 2023 14:43

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Silver price (XAG/USD) remains depressed around $22.30, circling intraday lows during a three-day downtrend entering Wednesday's European session.

 

The recent decline of the precious metal may be attributable to the affirmation of a two-week-old rising wedge bearish chart pattern and the bearish MACD signals.

 

Consequently, the price is poised to test the 200-Simple Moving Average (SMA) support level near $21.50 before falling to its theoretical target of $17.10.

 

Notably, the swing high from late February and the current monthly low, respectively $22.00 and $19.90, can serve as additional downside filters during the XAG/USD's continued decline.

 

In contrast, the wedge's lower line functions as immediate resistance for the Silver price near $22.70.

 

The 61.8% Fibonacci retracement of the metal's February-March decline, also known as the "golden Fibonacci ratio," could then challenge Silver purchasers near $22.85.

 

In the event that the XAG/USD remains firmer than $22.85, the top line of the aforementioned bearish chart pattern will join the late January swing low to emphasize $23.00 as a formidable barrier for the Silver bulls to overcome before regaining control.