MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

RPT-MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI: PBOC Net Drains CNY98 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1305 Thurs; -0.79% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

Factory Orders Decline as Non-EU Orders Dip

DMP survey increases probability of August cut

MNI: UK JUNE CONSTRUCTION PMI 52.2 (FCST: 54.0); MAY 54.7

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

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

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Volatile, Outlook Remains Bearish

SILVER TECHS
  • RES 4: $30.100 - High Feb 1
  • RES 3: $29.053 - High Feb 2
  • RES 2: $28.498 - 61.8% retracement of the Feb 1 - 4 sell-off
  • RES 1: $28.003 - 50.0% retracement of the Feb 1 - 4 sell-off
  • PRICE: $27.152 @ 09:20 GMT Feb 19
  • SUP 1: $26.139 - Intraday low
  • SUP 2: $25.905 - Low Feb 4
  • SUP 3: $25.483 - 76.4% retracement of the Jan 18 - Feb 1 rally
  • SUP 4: $24.700 - Low Jan 27

Silver is volatile, trading sharply lower earlier today but has since recovered. The metal remains vulnerable following the sell-off on Feb 2. Recent gains are considered a correction and a resumption of weakness is seen likely near-term. A move lower once again would refocus attention on $25.905, Feb 4 low. Clearance of this support would set the scene for a deeper pullback. Resistance is seen at $28.003 and $28.498, Fibonacci retracement levels.

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