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On December 13th, Han Wenxiu, Deputy Director of the Central Financial and Economic Affairs Commission and Director of the Central Rural Work Leading Group Office, stated that to ensure the success of next years economic work, it is essential to adhere to the principle of seeking progress while maintaining stability, improving quality and efficiency, strengthening counter-cyclical and cross-cyclical adjustments, and effectively enhancing the efficiency of macroeconomic governance. Since the Politburo meeting on September 26th last year, a series of policies and measures have been introduced and implemented, and additional policies will be introduced and implemented next year based on changes in the situation. It is crucial to leverage the integrated effect of existing and new policies to promote steady and positive economic growth. The market economy is largely an expectation economy; therefore, it is necessary to improve the expectation management mechanism, conduct effective economic publicity and public opinion guidance, respond promptly to market concerns, and effectively boost social confidence.On December 13th, it was reported that an EU official stated on the 12th that Ukraines accession to the EU before 2027 is "absolutely impossible." According to reports, a European diplomat said that Ukraines accession to the EU before 2027 is "extremely difficult," and it is unclear whether EU leaders support this plan. Hungarian Prime Minister Viktor Orbán stated on the 8th that the EUs admission of Ukraine would be tantamount to declaring war on Russia, and that the EU is preparing for war with 2030 as the target date.On December 13, Venezuelan President Maduro stated that the United States usual tactics of lying, coercion, extortion, and threats are "completely ineffective" and "will never work" against Venezuela, following the recent seizure of an oil tanker in waters near Venezuela and the announcement of new sanctions.On December 13th, two US officials stated that the UN-authorized international stabilization force in Gaza could be deployed as early as next month, but the method for disarming Hamas remains unclear. The force will not fight Hamas, and its size, composition, and rules of engagement are still being determined.On December 13, the National Trust for Historic Preservation, a U.S. heritage preservation organization, filed a lawsuit on December 12 against U.S. President Trump and several federal agencies, demanding a halt to the ongoing renovation project of the White House banquet hall and claiming the project is illegal. The trust issued a statement on December 12 announcing that it had filed the lawsuit in the U.S. District Court for the District of Columbia, seeking a halt to the White House banquet hall renovation project until it undergoes a comprehensive design review and public comment period, and receives congressional approval. The trust argues that the Trump administration, in rapidly advancing the White House banquet hall renovation project, failed to submit planning proposals for necessary review as required by law, and that the project, without congressional authorization, exceeds the presidents constitutional authority. The lawsuit names Trump, the National Park Service, the Department of the Interior, the General Services Administration, and the heads of these departments as defendants.

Silver Price Analysis: Obstacles at the 200-SMA XAG/USD is bearish near $19.00

Alina Haynes

Oct 12, 2022 11:50

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Following a three-day downturn, the silver price (XAG/USD) stops the bearish momentum near a weekly low, as the 200-SMA and nearly oversold RSI (14) test bears. Nevertheless, the quotation fails to preserve the $19.00 mark throughout the Asian session on Wednesday.

 

In doing so, the precious metal draws cues from the negative MACD signals and illustrates the inability to overcome a weekly downward trend line.

 

In addition to the 200-day simple moving average level near $19.00, the 61.8% Fibonacci retracement level of the September-October uptrend near $18.95 also poses a challenge to the XAG/USD bearish.

 

If commodities prices go below $18.95, a decrease toward a support level established six weeks ago near $18.20 cannot be counted out.

 

Alternately, the rebound must surpass the weekly resistance line close to $19.50 in order to convince the short-term purchasers of silver.

 

Nonetheless, a one-month-old horizontal resistance level near $20.00 could provide a threat to the XAG/ascent. USD's

 

Overall, the silver price could have a corrective recovery, but the bearish trend will likely persist.