Technically Silver market is under fresh selling as market has witnessed gain in open interest by 3.25% to settled at 10768 while prices down 158 rupees.
Now MCX Silver is getting support at 61153 and below same could see a test of 60719 levels, and resistance is now likely to be seen at 62079, a move above could see prices testing 62571.
Silver yesterday settled down by 0.26% at 61586 as the dollar held firm on expectations that the Federal Reserve will announce a tapering of its bond purchases next month.
U.S. job openings fell in August, but remained significantly high amid labor shortages that are crimping employment growth. Job openings, a measure of labor demand, dropped 659,000 to 10.4 million on the last day of August, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report.
Persistent supply chain disruptions and pricing pressures are constraining the global economy’s recovery from the COVID-19 pandemic, the International Monetary Fund said as it cut growth outlooks for the United States and other major industrial powers.
In its World Economic Outlook, the IMF trimmed its 2021 global growth forecast to 5.9% from the 6.0% forecast it made in July. It left a 2022 global growth forecast unchanged at 4.9%.”This modest headline revision, however, masks large downgrades for some countries,” the IMF said in the report.
The Democratic-controlled U.S. House of Representatives is expected to give final approval to a Senate-passed bill temporarily raising the government’s borrowing limit to $28.9 trillion, putting off the risk of default until early December.
Trading Ideas:
–Silver trading range for the day is 60719-62571.
–Silver settled down as the dollar held firm on expectations that the Federal Reserve will announce a tapering of its bond purchases next month.
–U.S. job openings fall to a still-high 10.4 million in August.
–IMF cuts global growth outlook as supply bottlenecks hobble pandemic recovery.
Courtesy: Kedia Commodities
Source: Comodity Online
