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MiniMax (00100.HK) shares continued their upward trend, with the gains widening to as much as 11% in early trading, breaking through the HK$1,000 mark.Ziyuanyuan (08223.HK), a Hong Kong-listed company, surged in early trading and is currently up 45.45%; it recently announced that it plans to issue 86 million subscription shares at a discount of approximately 9.09%.Popular Hong Kong tech stocks generally rose, with Zhipu (02513.HK) surging over 12%, Bilibili (09626.HK) rising over 4%, and XPeng Motors (09868.HK) gaining over 3%. JD Health (06618.HK), Xiaomi Group (01810.HK), and Kuaishou (01024.HK) all rose over 2%.March 10 – OCBC strategists stated that the pullback in energy prices from their highs has given Asian currencies a breather, but shifting geopolitical tensions keep risks two-way. Oil prices retreated after Trump indicated the Middle East conflict could end “soon” and the Strait of Hormuz would remain safe. He said, “Meanwhile, during this brief disruption, the US is providing political risk insurance to any oil tankers operating in the Gulf region.” A weaker dollar has revived carry trades in emerging markets, but markets remain tense. OCBC strategists Sim Moh Siong and Christopher Wong stated that the longer the Strait of Hormuz remains closed, the more oil production will be shut down. OCBC remains neutral on the dollar until clearer signs of de-escalation emerge.On Tuesday, March 10, the Hang Seng Index opened 331.83 points higher, or 1.31%, at 25,740.29; the Hang Seng Tech Index opened 99.07 points higher, or 2.0%, at 5,040.8; the H-share Index opened 95.09 points higher, or 1.11%, at 8,676.55; and the Red Chip Index opened 16.03 points higher, or 0.37%, at 4,327.77.

Silver Price Analysis: XAG/USD returns above mid-19.00s; bulls flirt with 100-day Simple Moving Average

Alina Haynes

Oct 26, 2022 15:25

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Silver rises on Tuesday's rebound from the 200-hour simple moving average support and adds follow-through momentum for the second consecutive day on Wednesday. The upward move takes the precious metal back over the mid-$19.00 range during the early European session, bringing it closer to Monday's nearly two-week high.

 

The XAG/USD is currently flirting with the 100-day simple moving average (SMA), which, if decisively broken, would open the way for a near-term advance. In the meantime, oscillators on hourly charts remain bullish and have only begun to move into the positive zone on the daily chart. This, in turn, increases the likelihood of a future breach of the aforementioned barrier.

 

The XAG/USD pair might then attempt to exceed the $20.00 psychological level and climb toward the next significant barrier near $20.50. Bulls might then attempt to retake the $21.00 round-number level. This corresponds to the 200-day exponential moving average, above which the momentum might finally drive spot prices back to the monthly swing high, around $21.25.

 

On the other hand, the $19.20 region appears to protect the immediate downside ahead of the $19.00 level and the 200-hour simple moving average, which is currently in the $18.80 zone. A convincing breach below could prompt some technical selling and make the XAG/USD susceptible to accelerate the decline towards the $18.30-$18.25 intermediate support en route to the next crucial level near $18.00.

 

Failure to defend the latter will nullify any near-term bullish bias and return the bias to favor bearish traders. The continuing decline has the potential to bring the XAG/USD pair closer to its September low of $17.55 for the year. The decline might extend to the next significant support near the $17.00 round-number mark.

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