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On November 7th, China Southern Power Grid Energy Storage stated at a brokerage strategy meeting that, according to Document No. 633, pumped storage electricity prices include capacity pricing and electricity pricing. Currently, capacity pricing accounts for over 90% of the revenue structure of pumped storage power stations. Document No. 633 also stipulates: "The proportion of government-approved capacity pricing covering the designed capacity of power station units should be reduced in due course to encourage power stations to independently utilize their surplus unit capacity to participate in the electricity market, gradually realizing that power stations mainly recover costs and obtain revenue through market participation." Therefore, the company understands that for newly built pumped storage power stations, the future revenue structure of capacity pricing and electricity pricing may change, and the power stations revenue is expected to depend more on its market competitiveness. Specific electricity pricing policies are subject to official documents from relevant national departments.The UK FTSE 100 index fell by 1.00% on the day.US tech stocks generally fell, with Tesla (TSLA.O) and AMD (AMD.O) down about 3.5%, Oracle (ORCL.N) and Nvidia (NVDA.O) down about 2%, and Google (GOOG.O) down more than 1%.The Dow Jones Industrial Average opened down 194.33 points, or 0.41%, at 46,717.97 on Friday, November 7; the S&P 500 opened down 37.41 points, or 0.56%, at 6,682.98; and the Nasdaq Composite opened down 186.81 points, or 0.81%, at 22,867.19.ECB Executive Board member Herderson: There is still a lot of volatility and uncertainty.

XAG/USD maintains its position above the 100-day simple moving average (SMA) near mid-$19.00

Daniel Rogers

Nov 02, 2022 17:42

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Silver struggles to gather traction on Wednesday and trades inside a limited range above mid-$19.00 through the early European session.

 

Technically, the overnight retracement decline from the $20.00 psychological level pauses at the 100-day simple moving average. This support coincides with the 50% Fibonacci retracement level of the current decline from the monthly swing high in October and should serve as a pivot point for XAG/USD.

 

Given the overnight breach of the aforementioned confluence barrier, the technical setup appears to favor bullish traders significantly. In addition, oscillators on the daily chart have just begun to move into positive territory, supporting the likelihood of a further appreciation. Thus, a new endeavor to achieve the $20.00 round number, which also marks the 61.8% Fibo. level, this appears to be a distinct possibility. Some follow-through buying has the potential to propel the XAG/USD higher towards an intermediate resistance level near $20.50 en route to $21.00.

 

In contrast, losses below the mid-$19.00s (100 DMA) may continue to attract buyers near the $19.00-$18.90 support zone, marking the 23.6% Fibonacci retracement level. level. A convincing breach below the latter will alter the short-term bias towards bearish traders and make the XAG/USD susceptible. The ensuing downward trend may therefore take the XAG/USD to the subsequent key support in the vicinity of $18.30 to $18.25. This is closely followed by the $18.00 round-figure mark, below which spot prices could attempt to test the yearly low, which was reached in September in the $17.55 region.

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