Technically Silver market is under fresh buying as market has witnessed gain in open interest by 0.03% to settled at 11306 while prices up 17 rupees.
Now MCX Silver is getting support at 60527 and below same could see a test of 60050 levels, and resistance is now likely to be seen at 61284, a move above could see prices testing 61564.
Silver yesterday settled up by 0.03% at 61003 as a firmer dollar and rise in U.S. Treasury yields weighed on the precious metal’s appeal, with investors focused on U.S. non-farm payrolls data due later this week.
U.S. private payrolls increased more than expected in September as COVID-19 infections started subsiding, boosting hiring at restaurants and other high-contact businesses.
Private payrolls increased by 568,000 jobs last month, the ADP National Employment Report showed. Data for August was revised lower to show 340,000 jobs added instead of the initially reported 374,000.
Following data showing a strong rise in U.S. private jobs in September, investors’ focus shifts to key U.S. non-farm payrolls data on Friday that is expected to shape the Federal Reserve’s tapering plan.
The International Monetary Fund said on Wednesday that headline consumer price inflation should peak this fall and recede to pre-pandemic levels by mid-2022, but risks remain that shortage-driven inflation spikes could prove more persistent, unanchoring expectations.
The Perth Mint’s silver sales rose nearly 23%, tracking a dip in prices. Sales of silver products increased to 1,789,926 ounces from 1,467,229 ounces in August, its highest since June.
–Silver trading range for the day is 60050-61564.
–Silver settled flat as a firmer dollar and rise in U.S. Treasury yields weighed on the precious metal’s appeal.
–U.S. private payrolls increased more than expected in September as COVID-19 infections started subsiding.
–Following data showing a strong rise in U.S. private jobs in September, investors’ focus shifts to key U.S. non-farm payrolls data.
Courtesy: Kedia Commodities
Source: Comodity Online