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Monday, January 24, 2022

MCX Silver under long liquidation; Resistance seen at 67078

Technically Silver market is under long liquidation as market has witnessed drop in open interest by 0.96% to settled at 8397 while prices down 329 rupees.

Now MCX Silver is getting support at 65760 and below same could see a test of 65285 levels, and resistance is now likely to be seen at 67078, a move above could see prices testing 67921.

Silver yesterday settled down by 0.49% at 66234 as the dollar surged on upbeat industrial production and retail sales data.

The precious metal also took advantage of US Fed Chairman Powell’s remarks, saying the central bank will be patient on the rate hike program.

Earlier, US household inflation expectations accelerated to a record high of 5.7%, as consumers continued to suffer from rising household expenses, a New York Fed Survey showed.

U.S. import prices surged in October as the costs of petroleum products and food increased, adding to signs that inflation could remain high for a while.

Import prices accelerated 1.2% last month after gaining 0.4% in September, the Labor Department said.In the 12 months through October, prices jumped 10.7% after rising 9.3% in September.

The Japanese economy shrank 0.8 percent Q-o-Q in 3Q 2021, compared to market expectations of a 0.2 percent fall amid a resurgence of COVID-19 cases and persistent global supply chain disruptions putting additional pressure on the currency.

Moreover, Bank of Japan governor Haruhiko Kuroda pledged on Monday to retain pandemic-era stimulus despite central bank projection for the Japanese economy to recover to pre-COVID levels by the first half of next year, as he reaffirmed central bank commitment to achieve the 2% price stability target.

Trading Ideas:
–Silver trading range for the day is 65285-67921.
–Silver dropped as the dollar surged on upbeat industrial production and retail sales data.
–The precious metal also took advantage of US Fed Chairman Powell’s remarks, saying the central bank will be patient on the rate hike program.
–US household inflation expectations accelerated to a record high of 5.7%, as consumers continued to suffer from rising household expenses.

Courtesy: Kedia Commodities

Source: Comodity Online

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