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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Silver Price Analysis: XAG / USD reverses from a six-week-old resistance level toward $22.00

Daniel Rogers

Mar 20, 2023 13:19

 截屏2022-06-06 下午5.54.42.png

 

As the Fed week gets underway, the silver price (XAG / USD) accepts offers to renew intraday lows near $22.40, reversing from the greatest levels since early February.

 

In doing so, the brilliant metal reverses from the horizontal area consisting of multiple peaks marked since February 3 at approximately $22.60.

 

Notably, the overbought conditions of the RSI (14) aid the XAG/USD in trimming recent gains near the multi-day high.

 

However, optimistic Silver purchasers are buoyed by bullish MACD signals and the metal's sustained trading above critical support levels.

 

A one-week-old ascending trend line near $21.90 and the 200-bar Exponential Moving Average (EMA) near $21.65 provide immediate crucial support.

 

The early-month swing high near $21.30 and the $21.00 round figure can act as additional downside filters for XAG/USD bears before targeting the monthly low of $19.90.

 

In the meantime, the Silver price rise above the aforementioned resistance line near $22.60 requires confirmation from the 61.8% Fibonacci retracement level of the metal's February-March decline, which is located close to $22.85.

 

After that, a rise to the Year-To-Date (YTD) high around $24.65 cannot be ruled out.

 

Silver prices are expected to decline overall, but the bears have a long way to go before regaining control.