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Free AccessMNI China Daily Summary: Monday, September 04
MNI China Press Digest Sep 4: PBOC, Fiscal Policy, Housing
MNI: China CFETS Yuan Index Up 0.07% In Week of Sep 1
MNI: PBOC Net Drains CNY320 Bln Monday via OMO
MNI: PBOC Yuan Parity Lower At 7.1786 Monday; -5.02% Y/Y
Bearish Corrective Cycle Still In Play
- RES 4: $27.831 - High Jun 16 2021
- RES 3: $27.245 - High Jun 17 2021
- RES 2: $27.000 - Round number resistance
- RES 1: $26.063/943 - High Mar 10 / High Mar 8 and the bull trigger
- PRICE: $25.542 @ 08:04 GMT Mar 25
- SUP 1: $24.473/428 - Low Mar 16 / 50-day EMA
- SUP 2: $23.850 - Low Feb 24
- SUP 3: $22.863 - Low Feb 11
- SUP 4: $22.008 - Low Feb 3 and a key support
Silver traded higher Thursday. Despite these gains, the recent pullback - a correction - is still in play and potential is seen for a deeper short-term retracement. Attention is on the 50-day EMA at 24.428. This EMA marks an important support and a break would signal scope for a resumption of recent weakness. For bulls, a move above $26.00 would refocus attention on the key resistance at 26.943, the Mar 8 high.
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