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The Hang Seng Tech Index fell by more than 3%, with NIO (09866.HK) falling by more than 6% and XPeng Group (09868.HK) falling by more than 5%.The Hang Seng Index fell by more than 2%, and the Hang Seng Tech Index fell by 2.8%.Most Hong Kong-listed mobile game stocks fell, with Kingsoft (03888.HK) and Bilibili (09626.HK) down more than 4%, Tencent Holdings (00700.HK) down more than 3%, and CMGE (00302.HK) down more than 2%.On March 30, the Kuomintang (KMT) Chairmans Office stated that the Central Committee of the Communist Party of China (CPC) and General Secretary Xi Jinping invited Chairperson Cheng Li-wen to lead a delegation to visit the mainland. Chairperson Cheng expressed her gratitude and gladly accepted the invitation. She expressed hope that both parties would work together to promote the peaceful development of cross-strait relations, enhance cross-strait exchanges and cooperation, seek peace in the Taiwan Strait, and improve the well-being of the people.On March 30, Song Tao, Director of the Taiwan Affairs Office of the Central Committee of the Communist Party of China, stated that since taking office, Kuomintang (KMT) Chairperson Cheng Li-wen has repeatedly expressed her desire to visit the mainland. To promote the peaceful development of relations between the KMT and the Communist Party of China (CPC) and across the Taiwan Strait, Song Tao, authorized by the CPC Central Committee, announced that the CPC Central Committee and General Secretary Xi Jinping welcome and invite Chairperson Cheng Li-wen to lead a KMT delegation to visit Jiangsu, Shanghai, and Beijing from April 7 to 12. Song Tao stated that they will communicate with the KMT regarding Chairperson Cheng Li-wens visit and make appropriate arrangements.

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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