MCX Silver likely to move in a range of 46773-48363
Commodity Online | September 12 2019
UPDATED 09:10:30 IST

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Technically MCX Silver is getting support at 47136 and below same could see a test of 46773 levels, and resistance is now likely to be seen at 47931, a move above could see prices testing 48363. 

Silver on MCX settled down 0.62% at 47500 as traders awaited the upcoming European Central Bank (ECB) monthly meeting.

The outcome of the ECB’s monthly meeting is expected to have an impact on prices later this week, as some expect a rate reduction from the central bank as part of a broader package to stimulate the eurozone economy.

Meanwhile, Sino-U.S. trade tension eased somewhat after China reportedly offered to buy more U.S. agricultural products in exchange for a delay in tariffs. US job openings declined in July to a five-month low, signalling a pause in demand for workers ahead of a cooling in August payrolls growth that indicates the labour market may be gradually losing momentum.

The number of positions waiting to be filled fell by 31,000 to 7.22 million, according to the Labour Department’s Job Openings and Labour Turnover Survey (JOLTS) released. The quits rate rose to 2.4%, the highest since April 2001, suggesting workers remain confident about their ability to find a job.

China’s factory gate prices contracted for the second month in August and at a sharper rate, reinforcing the urgency for Beijing to step up stimulus to support the manufacturing sector and the broader economy.The producer price index (PPI), a key barometer of corporate profitability, dropped 0.8% from a year earlier in August, the National Bureau of Statistics (NBS) said. NBS data also showed that China's consumer price index (CPI), a main gauge of inflation, rose 2.8% year on year in August, unchanged from that in July.

Trading Ideas:
--Silver trading range for the day is 46773-48363.
--Silver prices remained under pressure as traders awaited the upcoming European Central Bank (ECB) monthly meeting.
--Meanwhile, Sino-U.S. trade tension eased somewhat after China reportedly offered to buy more U.S. agricultural products in exchange for a delay in tariffs.
--China’s factory gate prices contracted for the second month in August and at a sharper rate, reinforcing the urgency for Beijing to step up stimulus.

Courtesy: Kedia Commodities

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