MCX Silver under fresh selling; Resistance seen at 47072

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Technically Silver market is under fresh selling as market has witnessed gain in open interest by 7.3% to settled at 9810 while prices down 769 rupees.

Now MCX Silver is getting support at 46192 and below same could see a of 45793 levels, and resistance is now likely to be seen at 47072, a move above could see prices testing 47553.

Silver on MCX settled down 1.62% at 46592 as investors await the Federal Reserve’s decision on interest rates. U.S. President Donald Trump and his administration may formally announce a trade deal with next week, White House adviser Larry Kudlow said.

Meanwhile, Trump told reporters that Washington could reach a trade deal with before the U.S. presidential election. The president said that would prefer to deal with someone else, but warned that terms of the deal will be “far worse” if came after the 2020 election.

The Fed meeting will kick off a busy round of policy decisions from other central banks, including the Bank of Japan, Swiss National bank and the Bank of England, which will all deliver decisions on Thursday. Markets are also closely monitoring the developments on the global trade front. Deputy-level talks between the US and China are scheduled to start in Washington on Thursday, the US Trade Representative’s office said, paving the way for high-level talks in October.

US manufacturing output increased more than expected in August, boosted by a surge in machinery and primary metals production, but the outlook for factories remains weak against the backdrop of trade tensions and slowing global economies. The Federal Reserve said manufacturing production rose 0.6% last month after an unrevised 0.4% drop in .

Trading Ideas:
–Silver trading range for the day is 45793-47553.
–Silver prices slipped as investors await the Federal Reserve’s decision on interest rates.
–U.S. President Donald Trump and his administration may formally announce a trade deal with Japan next week, White House adviser Larry Kudlow said.
–Meanwhile, Trump told reporters that Washington could reach a trade deal with China before the U.S. presidential election.

Courtesy: Kedia Commodities

Source: Commodityonline.com