MCX Silver likely to move in a range of 42985-46369
Commodity Online | November 08 2019
UPDATED 09:10:32 IST

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Technically MCX Silver is getting support at 43577 and below same could see a test of 42985 levels, and resistance is now likely to be seen at 45269, a move above could see prices testing 46369.

Silver on MCX settled down 3.26% at 44168, after China said it has agreed with the United States to cancel tariffs in phases, a key consideration in reaching an initial deal to end a trade war that has crimped economic growth.

A senior official of the Trump administration told a meeting between U.S. and Chinese leaders to sign an interim trade deal could be delayed until December as discussions continue over terms and venue. Reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated at the lack of concrete progress.

Last month, the Fed cut interest rates for the third time this year to help sustain U.S. growth despite a slowdown in other parts of the world, but signalled there would be no further reductions unless the economy takes a turn for the worse. Meanwhile, the International Monetary Fund slashed euro zone growth forecasts. Eurozone retail sales accelerated more than expected year-on-year in September, data from the European Union's statistics office showed, pointing to sustained domestic demand in Europe.

Eurostat said retail sales in the 19 countries sharing the euro rose 0.1% month-on-month for a 3.1% year-on-year gain, up from 2.7% in August. The Institute for Supply Management index rose to 48.3 from a 10-year low of 47.8 the prior month, compared with the median projection for 48.9. The report showed three of five components  new orders, employment and inventories rose from September but stayed below 50, the line separating expansion and contraction.

Trading Ideas:
--Silver trading range for the day is 42985-46369.
--Silver dropped after China said it has agreed with the United States to cancel tariffs in phases, a key consideration in reaching an initial deal to end a trade war.
--Reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated at the lack of concrete progress.
--The Fed cut interest rates for the third time this year to help sustain U.S. growth despite a slowdown in other parts of the world.

Courtesy: Kedia Commodities

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