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MCX Silver likely to trade in a range between 36928-38516
Commodity Online | November 09 2018
UPDATED 10:59:13 IST

MCX Silver may trade in a range between 36257-37017

Gold market under fresh selling; Support seen at 30715

MCX Mentha Oil under short covering

MCX Cotton under fresh buying; Resistance seen at 22380

MCX Cardamom under fresh buying; Support seen 1493.5

Technically now Silver is getting support at 37271 and below same could see a test of 36928 levels and resistance is now likely to be seen at 38065, a move above could see prices testing 38516.

Silver prices slipped as investors digested the U.S. midterm election results. The dollar rose, pulling further away from the 2-1/2 week lows after the U.S. midterm elections delivered a broadly expected result.

Democrats won control of the House of Representatives while Republicans retained their hold on the Senate, as the U.S. midterm election's outcome split Congress. U.S. President Donald Trump suggested he would work with Democrats on policy initiatives in order to promote economic growth.

The outlook for the Eurozone economy is mixed according to reports issued Thursday by the European Commission and the European Central Bank, which remains on course to tighten Eurozone monetary policy in due course.

The Commission forecast that Eurozone economic growth will reach 2.1% this year but will then ease to 1.9% next year and 1.7% in 2020. The Commission is concerned about US economic policies and Brexit, as well as Italy’s spending plans.

China's foreign exchange reserves stood at $3.053 trillion in October, down $33.9 billion from a month earlier, according to data from the People's Bank of China on Wednesday.

This marked the third consecutive month of decline, to the lowest since April 2017. Eurozone retail sales remained unchanged in September after it expanded in August, preliminary data from Eurostat showed.

On a year-on-year basis, retail sales rose 0.8% in September, compared with a 0.9% growth had predicted. The annual gain for August was revised to 2.2% from 1.8%.             

Trading Ideas:
--Silver trading range for the day is 36928-38516.
--Silver prices slipped as investors digested the U.S. midterm election results.
--Democrats won control of the House of Representatives while Republicans retained their hold on the Senate, as the U.S. midterm election's outcome split Congress.
--The dollar rose, pulling further away from the 2-1/2 week lows after the U.S. midterm elections delivered a broadly expected result.

Courtesy: Kedia Commodities

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