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On March 27, Premier Li Qiang chaired an executive meeting of the State Council to study and implement the spirit of General Secretary Xi Jinpings important speech at the symposium on further promoting the high-quality construction and development of the Xiongan New Area. The meeting emphasized that the construction of the Xiongan New Area is a major strategic decision made by the Party Central Committee. The study and implementation of General Secretary Xi Jinpings important speech should be combined with the implementation of the Party Central Committees series of deployments regarding the construction and development of the Xiongan New Area. We must maintain strategic focus and historical patience, while also having a sense of urgency and drive to promote the high-quality construction and development of the Xiongan New Area with pragmatic and effective measures. We must focus our efforts on key tasks at this stage, enhance the driving force and attraction for the relocation of non-capital functions from Beijing, and comprehensively promote high-quality construction and efficient governance. We must leverage the advantages of the Beijing-Tianjin-Hebei region and other sectors to cultivate a modern industrial system and continuously enhance endogenous development momentum. All relevant parties should strengthen their overall perspective and execution capabilities, providing greater support to the New Area in policy and institutional innovation, the layout of major platforms, and regional economic cooperation. We must promptly study new situations and solve new problems, and consolidate greater synergy for the construction and development of the Xiongan New Area.According to CCTV: Li Qiang chaired an executive meeting of the State Council to study relevant policies and measures to accelerate the construction of a tiered medical system.According to CCTV: Li Qiang chaired an executive meeting of the State Council to hear a report on the current development of my countrys service industry.According to CCTV: Li Qiang chaired an executive meeting of the State Council to study and implement the spirit of General Secretary Xi Jinpings important speech at the symposium on further promoting the high-quality construction and development of Xiongan New Area.Ukraines Foreign Minister: We are prepared to reach a special security arrangement with Middle Eastern countries on drone technology cooperation.

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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