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Saturday, January 29, 2022

MCX Silver under fresh selling; Resistance seen at 61713

Technically Silver market is under fresh selling as market has witnessed gain in open interest by 3.25% to settled at 13274 while prices down 246 rupees.

Now MCX Silver is getting support at 60831 and below same could see a test of 60393 levels, and resistance is now likely to be seen at 61713, a move above could see prices testing 62157.

Silver yesterday settled down by 0.4% at 61270 as the dollar index climbed amid rising expectations the Federal Reserve will begin tapering its bond-buying, and start hiking rates sooner than earlier thought.

Early indications of the severity of the Omicron Covid-19 variant are “a bit encouraging,” top U.S. pandemic advisor Anthony Fauci said, adding that it was too early to draw definitive conclusions and more information was still needed.

South Africa reported that Omicron is not leading to higher hospitalization rates despite a jump in active cases. Elsewhere, Chinese authorities said that its recent policy moves were not intended to crack down on specific industry or private firms and did not necessarily target overseas listings of companies.

Chinese Premier Li Keqiang said last week that Beijing would continue to implement a prudent monetary policy and would reduce the reserve requirement ratio as required.

The Chinese authorities would increase support for the real economy, especially for small and medium-sized companies, to support its operations in a stable way, he added. Meanwhile, a mixed U.S. jobs report released last week did little to shake market expectations of a more aggressive tightening by the Federal Reserve.

Trading Ideas:
–Silver trading range for the day is 60393-62157.
–Silver dropped as equities bounced back amid easing Omicron concerns.
–Fed’s Bullard: Expect upward adjustments to November nonfarm payrolls. The labour market is extremely tight.
–Fed’s Bullard: We are maintaining our forecast of two rate increases in 2022.

Courtesy: Kedia Commodities

Source: Comodity Online

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