MNI EM China Daily Summary: Monday, March 25

MNI BRIEF: China Expands Austrian Pork Import Scope

MNI BRIEF: China To Boost Consumption With Lower Mortgage Rate

MNI: PBOC Injects Net CNY40 Bln Via OMO Mon; Rates Unchanged

CHINA PBOC INJECTS CNY50 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.0996 Mon; -5.53% Y/Y

MNI: UK CBI MAR DIST TRADE REPORTED SALES 2

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The 50-Day EMA Is Key Resistance

SILVER TECHS
  • RES 4: $24.666 - High Apr 22
  • RES 3: $23.974 - Low Mar 29
  • RES 2: $22.875 - 50-day EMA
  • RES 1: $22463 - Intraday high
  • PRICE: $22.283 @ 08:10 BST Jun 3
  • SUP 1: $21.435/20.464 - Low Jun 1 / Low May 13 and bear trigger
  • SUP 2: $20.282 - 2.00 proj of the Mar 8 - 29 - Apr 18 price swing
  • SUP 3: $20.000 - Psychological round number
  • SUP 4: $19.581 - 2.236 proj of the Mar 8 - 29 - Apr 18 price swing

Silver has briefly tested above resistance at $22.446, May 27 high. A clear break above this level is required to suggest scope for an extension higher that would open the 50-day EMA at $22.875. For bears, a resumption of weakness would signal potential for a move towards key support and the bear trigger at $20.464, the May 13 low. Initial support to watch is $21.435, the Jun 1 low.

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