MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Bear Trend Intact

SILVER TECHS
  • RES 4: $21.540 - High Jun 27
  • RES 3: $20.876 - High Aug 15 and the bull trigger
  • RES 2: $19.498 - 50-day EMA
  • RES 1: $18.916 - 20-day EMA
  • PRICE: $18.821 @ 07:58 BST Sep 9
  • SUP 1: $17.562 - Low Sep 1 and the bear trigger
  • SUP 2: $16.955 - Low Jun 15 2020
  • SUP 3: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing
  • SUP 4: $15.998 - 76.4% retracement of the 2020 - 2021 bull leg

The Silver outlook is unchanged and remains bearish with short-term gains considered corrective. Last week’s sell-off confirmed a resumption of the bear leg that started Aug 15 - the metal cleared support at $18.146, Jul 14 low and a bear trigger. The break maintains the bearish price sequence of lower lows and lower highs. The focus is on $16.955 next, the Jun 15 2020 low. The 20-day EMA has been pierced, resistance at the 50-day EMA is at 19.498.

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