33.2 C
New York
Friday, July 1, 2022

Silver market under fresh buying; Support seen at 38913

MCX Crude Oil likely to trade in a range between 3632-3894

Gold market under long liquidation; Support seen at 32059

NCDEX Chana under short covering; Resistance seen at 4322

MCX Cotton under long liquidation

NCDEX Jeera likely to move in a range of 16725-17235

Technically Silver market is under fresh buying as market has witnessed gain in open interest by 0.44% to settled at 15612 while prices up 27 rupees.

Now MCX Silver is getting support at 38913 and below same could see a test of 38727 levels and resistance is now likely to be seen at 39302, a move above could see prices testing 39505.

Silver gained amid a sudden surge in uncertainties surrounding the U.S.- China trade talks and weak global economic data also remained in focus. Disappointing economic data continued to dent investor sentiment this week.

The International Monetary Fund revised downward its 2019 global growth forecast to 3.5% from October’s 3.7%. The US dollar edged down as US-China trade tension continued. The partial US government shutdown and a three-year low in US pending home sales also weighed on the greenback.

The sentiment for current economic conditions in Germany during January fell to a four-year low, even concluded that the overall index reading is less negative than expected, according to the results of the ZEW survey. After two consecutive months of increases, US existing-home sales declined in December, according to the National Association of Realtors.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 6.4% from November to a seasonally adjusted rate of 4.99 million in December. 

Hedge funds and money managers switched to a net long position in silver, in the week to Dec. 18, the U.S. Commodity Futures Trading Commission said. Silver speculators switched to a net long position of 1,912 lots, adding 10,879 lots, CFTC said.

This was the first time hedge funds and money managers held a net long position in silver since July.       

Trading Ideas:
–Silver trading range for the day is 38727-39505.
–Silver prices settled flat as investors opted to rotate out of the safe-haven asset in favor of stocks.
–However, downside seen limited prolonged partial U.S. government shutdown and expectations that the Federal Reserve will hold its multi-year rate hike cycle.
–Fed’s Kudlow: Economic recovery will be ‘immediate’ when the US government reopens

Courtesy: Kedia Commodities

Source: Commodityonline.com

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