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Saturday, January 22, 2022

MCX Silver under fresh selling; Resistance seen at 61485

Technically Silver market is under fresh selling as market has witnessed gain in open interest by 1.39% to settled at 12941 while prices down 184 rupees.

Now MCX Silver is getting support at 60756 and below same could see a test of 60389 levels, and resistance is now likely to be seen at 61485, a move above could see prices testing 61847.

Silver yesterday settled down by 0.3% at 61123 amid reduced industrial demand and expectations of higher interest rates.

Federal Reserve chair Jerome Powell said policymakers will discuss an earlier end to the central bank’s stimulus in the next meeting and emphasized the need to be ready to respond to the possibility that inflation may not recede in the second half of next year as most forecasters currently expect.

Powell said the Fed needed to be ready to respond to the possibility that inflation might not recede in the second half of 2022 and that it would consider a faster tapering of its bond purchases at its meeting due to start on Dec. 14.

At the same time, the spread of the Omicron coronavirus variant threatens global economic recovery and factory activity. The number of Americans filing new claims for unemployment benefits increased less than expected last week, pointing to tightening labor market conditions, while layoffs tumbled to a 28-1/2-year low in November.

Initial claims for state unemployment benefits rose 28,000 to a seasonally adjusted 222,000 for the week ended Nov. 27, the Labor Department said. Claims, which dropped to 194,000 in the prior week, tend to be volatile around Thanksgiving, the start of the holiday season.

Trading Ideas:
–Silver trading range for the day is 60389-61847.
–Silver dropped amid reduced industrial demand and expectations of higher interest rates.
–Fed Chair Powell said policymakers will discuss an earlier end to the central bank’s stimulus in the next meeting.
–At the same time, the spread of the Omicron coronavirus variant threatens global economic recovery and factory activity.

Courtesy: Kedia Commodities

Source: Comodity Online

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