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Saturday, October 16, 2021

MCX Silver under short covering; Resistance seen at 61517

Technically Silver market is under short covering as market has witnessed drop in open interest by 8.03% to settled at 11836 while prices up 741 rupees.

Now MCX Silver is getting support at 60728 and below same could see a test of 60275 levels, and resistance is now likely to be seen at 61517, a move above could see prices testing 61853.

Silver yesterday settled up by 1.23% at 61180 on recent concerns about global economic growth, or more specifically, a Chinese economic slowdown.

U.S. home sales fell slightly more than expected in August as supply remained tight, but there are signs that the sharp acceleration in house prices and the COVID-19 pandemic-fueled demand have probably run their course.

Still, the housing market remains hot. The report from the National Association of Realtors showed the smallest share of first-time homebuyers in more than 2-1/2 years and houses continuing to be snapped up after only 17 days on the market.

The U.S. current account deficit increased to a 14-year high in the second quarter as businesses boosted imports to replenish depleted inventories amid robust consumer spending.

The Commerce Department said the current account deficit, which measures the flow of goods, services and investments into and out of the country, rose 0.5% to $190.3 billion last quarter.

That was the largest shortfall since the second quarter of 2007. Data for the first quarter was revised to show a $189.4 billion gap, instead of $195.7 billion as previously reported.

The Bank of Japan offered a bleaker view on exports and output as Asian factory shutdowns caused supply bottlenecks, but maintained its optimism that robust global growth will keep the economic recovery on track.

Trading Ideas:
–Silver trading range for the day is 60275-61853.
–Silver prices rose on recent concerns about global economic growth, or more specifically, a Chinese economic slowdown.
–U.S. home sales fell slightly more than expected in August as supply remained tight.
–U.S. current account deficit widens to 14-year high in second quarter.

Courtesy: Kedia Commodities

Source: Comodity Online

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