18.5 C
New York
Sunday, October 17, 2021

Silver market under fresh selling; Support seen at 37978

Copper market under fresh selling; Support seen at 408.8

Natural Gas likely to trade between 185-194.8 levels

MCX Crude Oil may trade in a range between a 4538-4844

MCX Cotton under long liquidation

MCX Cardamom under long liquidation; Support seen at 1114.4

Technically Silver market is under fresh selling as market has witnessed gain in open interest by 3.64% to settled at 22519.

Now MCX Silver is getting support at 37978 and below same could see a test of 37663 levels and resistance is now likely to be seen at 38503, a move above could see prices testing 38713.

Silver on MCX settled down -0.37% at 38294 amid a wider selloff in metals fueled by the stronger dollar and building trade tensions. Fed Chairman Jerome Powell in a two-day congressional testimony said he believed the United States was on course for years more of steady growth and reaffirmed expectations for more interest rate rises in the world’s largest economy.

Trump criticized Federal Reserve policy even though most economists believe the highest inflation in seven years and lowest unemployment in 40 years justify recent interest rate rises and a strong U.S. dollar.

The US initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended July 14, the lowest reading since early December 1969. This compared to an expected rise to 220,000, suggesting that the labour market continues to strengthen.

The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, fell 2,750 to 220,500 last week.¬† The number of people receiving benefits after an initial week of aid came in at 1,751,000 for the week ended July 7, an increase of 8,000 from the previous week’s revised level.

European Union countries will suffer long-term damage equivalent to about 1.5 percent of annual economic output if Britain leaves the bloc without a free trade deal next year, the International Monetary Fund. Light economic data are expected today as the market watches out for further movement in metals prices.

Trading Ideas:
–Silver trading range for the day is 37663-38713.
–Silver prices dropped amid a wider selloff in metals fueled by the stronger dollar and building trade tensions.
–Fed Chairman Powell said he believed the US was on course for years more of steady growth and reaffirmed expectations for more interest rate rises.
–Prices have also failed to garner any support despite growing trade threats, suggesting the yellow metal is losing its safe haven status.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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