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The Russian Ministry of Defense stated that it had attacked infrastructure at the port of Mykolaiv in Ukraine and targeted two cargo ships carrying supplies to the Ukrainian Armed Forces, as well as a tugboat used to deploy underwater drones.August 2nd - The China Earthquake Networks Center officially measured a 4.8-magnitude earthquake at 22:31 on August 2nd in Xinghai County, Hainan Prefecture, Qinghai Province (35.34 degrees north latitude, 99.50 degrees east longitude), with a focal depth of 10 kilometers.August 2nd - Data shows that in July, Shanghai saw 2,796 transactions of commercial residential properties (excluding affordable housing), with new residential prices rising 0.96% month-on-month, ranking first in the country. Shanghais land auction market has also maintained high activity this year, with four plots seeing premium rates exceeding 35%. Industry insiders say that the high premiums for core plots highlight the long-term value of Shanghais core areas, and the hot land market is expected to further boost homebuyers confidence. In July, Shenzhens housing market also continued its active spring trend. Data from the Shenzhen Municipal Housing and Construction Bureau shows that in July, Shenzhens new commercial residential property sales reached 3,529 units, a year-on-year increase of 32.7%; second-hand residential property sales reached 4,795 units, a year-on-year increase of 3%, accounting for about 60% of total commercial residential property transactions. From January to July this year, nearly 6,978 new and second-hand commercial apartments were sold in the city, a year-on-year increase of 60.6%.1. Monday: ① Data: Chinas July RatingDog Manufacturing PMI; Switzerlands July CPI (MoM); Frances July Manufacturing PMI (Final); Germanys July Manufacturing PMI (Final); Eurozones July Manufacturing PMI (Final); UKs July Manufacturing PMI (Final); US July S&P Global Manufacturing PMI (Final); US July ISM Manufacturing PMI; US June Construction Spending (MoM). ② Holiday: Toronto Stock Exchange closed. 2. Tuesday: ① Data: US June Trade Balance; US June JOLTs Job Openings; US June Factory Orders (MoM). ② Event: FMS 2026 Flash Memory Summit held August 4-6, attended by storage giants such as Samsung and SK. 3. 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Sunday: ① Data: Chinas July CPI year-on-year rate.On August 2nd, Abdullah Bandar al-Etabi, Assistant Professor of International Affairs at Qatar University, stated that it is too early to judge the direction of the situation following Trumps latest statement regarding Iran. In this game, neither side has shown any sign of backing down on their respective positions. Taking the Strait of Hormuz as an example, Iran has not softened its stance, and the threat of a wider conflict remains. However, the latest developments have bought more time for diplomacy. There is now more time for Iran to cooperate with regional countries to reach some kind of arrangement on the Strait of Hormuz issue and get diplomacy back on track.

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.