MNI China Daily Summary: Thursday, December 12

RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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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SILVER TECHS: Corrective Cycle Remains In Play

SILVER TECHS
  •  RES 4: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg        
  • RES 3: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 2: $31.754/32.518 - High Jul 11 / High May 20 and bull trigger
  • RES 1: $30.502 - 76.4% retracement of the Jul 11 - Aug 8 bear leg                
  • PRICE: $29.498 @ 08:07 BST Aug 30
  • SUP 1: $29.002/26.451- 50-day EMA / Low Aug 8
  • SUP 2: $26.018 - Low May 2 and a key support
  • SUP 3: $24.328 - Low Mar 27 
  • SUP 4: $22.277 - Low Feb 28 

A medium-term bearish cycle in Silver remains intact and recent gains appear to be a correction - for now. The metal on Aug 8, traded to a fresh cycle low (before rebounding) and this has exposed key support at $26.018, May 2 low. However, note that the 50-day EMA has been cleared and is a concern for bears. A continuation higher would cancel the bearish theme and expose $30.502 next, a Fibonacci retracement. 

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