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On May 28th, the Ministry of Natural Resources held its regular May press conference, releasing and interpreting the "Guiding Opinions on Accelerating the High-Quality Development of Marine Drugs and Functional Products." Wang Xiaoyang, Deputy Director of the Consumer Goods Industry Department of the Ministry of Industry and Information Technology, stated that the Ministry is currently working on the "15th Five-Year Plan for the Development of the Pharmaceutical Industry," outlining plans to accelerate the development of "innovative pharmaceuticals," "inclusive pharmaceuticals," "digital pharmaceuticals," and "open pharmaceuticals." The plan will include marine drugs and functional products as key development areas, further clarifying development directions and detailing development tasks through improved top-level design, providing clear guidance for the high-quality development of the industry.The China Earthquake Networks Center officially reported that a magnitude 2.9 earthquake occurred at 12:07 on May 28 in Ningnan County, Liangshan Prefecture, Sichuan Province (27.20 degrees north latitude, 102.62 degrees east longitude), with a focal depth of 10 kilometers.Israel Defense Forces: In the past two days, IDF soldiers, acting on intelligence from the Israel Security Service, arrested five terrorists in three targeted counter-terrorism operations in the Judea-Samaria district.Chart: Silver ETF Holdings Report as of May 28, 2026 (Thursday)On May 28th, the International Energy Agency (IEA) stated in a report that global investment in natural gas projects is expected to grow by more than 10% this year, reaching $330 billion, the highest level in 10 years; while upstream oil investment will decline for the third consecutive year. As the war in Iran disrupts global energy markets, energy companies are accelerating investments in other regions and increasing spending on renewable energy, liquefied natural gas (LNG), and coal to strengthen supply security. The IEAs 2026 Global Energy Investment Report states that despite the turmoil in the Middle East, capital investment in the energy sector will grow by 5% in 2026, reaching $3.4 trillion, of which $2.2 trillion will be invested in renewable energy, energy storage, power grids, and low-emission fuels. Investment in oil supply will be less than $500 billion. The growth in natural gas investment is mainly driven by US LNG projects, but the current crisis has made Asian importers more cautious about their reliance on natural gas. Coal investment will reach a 14-year high of $180 billion. Nuclear energy investment is recovering, with investment expected to reach $80 billion this year. Middle East oil and gas investment is projected to decline by 1% in 2026, as capital deployment capacity is weakened by infrastructure damage, declining revenues, and production disruptions.

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.