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On August 3rd, Cao Cao Mobility and Xiangzhou District of Zhuhai City officially signed a strategic cooperation agreement to jointly promote the implementation of the "integrated air-ground-space" smart mobility demonstration project in Zhuhai. Cao Cao Mobilitys first batch of autonomous driving test vehicles will soon enter designated sections of Xiangzhou District for on-site verification, and the autonomous driving fleet will be expanded in an orderly manner subsequently. Simultaneously, a smart operation and maintenance hub, the "Green Smart Access Island," integrating automatic battery swapping, intelligent quality inspection, and remote dispatching, is planned and constructed, with reserved space for the take-off and landing of low-altitude aircraft.August 3 - The UKs Office for Maritime Trade Operations (OMTO) reported on the evening of August 2 that an oil tanker reported hearing an explosion approximately 20 nautical miles northeast of Saeb in the Sea of Oman. The vessel and crew are currently safe. The report indicated that the incident occurred near the eastern entrance to the Strait of Hormuz. OMT received the report from the tankers captain at 20:37 UTC on August 2 (4:37 Beijing time on August 3). The captain stated that the explosion occurred relatively close to the vessel. The report stated that relevant authorities are investigating the incident. OMT advised passing vessels to exercise caution.As of 8:30 AM Beijing time, spot platinum was down 0.14% and spot palladium was down 0.05%.Trump halted new strikes against Iran, saying a deal was "close to being reached," causing a sharp drop in international oil prices. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.Japans final manufacturing PMI for July was 54.5, below the expected 54.7 and the previous reading of 54.7.

Silver Price Analysis: Near 50 DMA, XAG/USD rises to mid-$23.00s

Alina Haynes

Feb 03, 2023 15:21

Silver attracted buyers around its 50-day simple moving average (SMA) on Friday, halting its previous day's regression from its highest level since April 2022. In the early European session, the precious metal maintains a moderately bullish tone, although the intraday increase lacks bullish confidence.

 

The XAG/USD has formed a rectangle pattern on the daily chart during the previous half-month, bouncing in a typical range. This indicates traders' hesitation and calls for care before putting aggressive direction bets. The inability to gain acceptance above the $24.50 supply zone overnight validates the trading range resistance, which should now serve as a pivot point.

 

Given that technical indications on the daily chart have only recently begun to drift into negative territory, it would be smart to await a sustained advance beyond the aforementioned barrier before putting bullish wagers. The XAG/USD pair might then attempt to recapture the $25.00 psychological level for the first time since April 2022. On the way to $26.00, the momentum could be extended towards the next significant obstacle near the $25.35 region.

 

Conversely, any further decline below the horizontal zone between $23.40 and $23.30 may continue to find support around the $23.00 to $22.95 region. This is followed by support in the $22.75 range, which, if forcefully broken, could pull the XAG/USD to the next key support near the $22.20-$22.15 zone before the $22.00 level.


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