MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

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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Trading Near Recent Highs

SILVER TECHS
  • RES 4: $26.467 - High Jul 14
  • RES 3: $26.002 - High Aug 04 and a key resistance
  • RES 2: $24.769 - 50-day EMA
  • RES 1: $24.375 - High Aug 9
  • PRICE: $23.954 @ 07:26 BST Sep 3
  • SUP 1: $22.878/626 - Low Aug 20 / Low Aug 09 and the bear trigger
  • SUP 2: $21.899 - Low Nov 30, 2020
  • SUP 3: $20.871 - 50% retracement of the Mar '20 - Jan '21 rally
  • SUP 4: $20.000 - Psychological round number

Silver is unchanged and trading closer to recent highs. A bearish risk remains present despite short-term gains. Moving average conditions continue to highlight a bearish theme and note that price action since Aug 9 still appears to be a flag - a bearish formation. A break and close below the Aug 9 low of $22.626 would confirm a resumption of bearish pressure and open 20.871, 50% of the Mar '20 - Feb '21 range. $24.375 marks the next resistance.

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