MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

MNI: GERMANY FEB PRODUCER PRICES -2.9% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Testing Resistance At The 50-Day EMA

SILVER TECHS
  • RES 4: $23.000 - Round number resistance
  • RES 3: $22.829 - 61.8% retracement of the Feb 2 - Mar 10 downleg
  • RES 2: $22.270 - 50.0% retracement of the Feb 2 - Mar 10 downleg
  • RES 1: $21.975 - High Mar 14
  • PRICE: $21.620 @ 08:08 GMT Mar 15
  • SUP 1: $20.591/19.904 - Low Mar 13 / 10 and the bear trigger
  • SUP 2: $19.416 - Low Nov 4
  • SUP 3: $19.232 - 76.4% retracement of the Sep 1 - Feb 2 bull leg
  • SUP 4: $18.835 - Low Nov 3 2022

Silver remains firm having reversed sharply higher from last week’s low of $19.904, on Mar 10. The metal is testing resistance at the 50-day EMA - the average intersects at $21.849. A clear breach of the average would strengthen bullish conditions and signal scope for a climb towards $22.270, a Fibonacci retracement. On the downside, Monday’s low at $20.591 marks initial support ahead of the bear trigger at $19.904.

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