MCX Silver likley to move in a range of 65852-68022
Commodity Online | April 12 2021
UPDATED 09:50:31 IST

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Technically Silver market is under long liquidation as market has witnessed drop in open interest by 3.61% to settled at 9415 while prices down 518 rupees.

Now MCX Silver is getting support at 66418 and below same could see a test of 65852 levels, and resistance is now likely to be seen at 67503, a move above could see prices testing 68022.

Silver yesterday settled down by 0.77% at 66983 weighed down by a stronger U.S. dollar and rising bond yields. The strength in stock markets amid continued optimism about economic growth weighed as well on the metal.

On the U.S. economic front, the Labor Department released a report showing producer prices jumped by much more than expected in the month of March. The Labor Department said its producer price index for final demand surged up by 1% in March after climbing by 0.5% in February.

Data from China showed consumer prices rose 0.4% year-on-year in March in that country, exceeding expectations for an increase of 0.3%. China's National Buereo of Statistics also said that producer prices jumped an annual 4.4% in March - beating expectations for an increase of 3.5% and up sharply from the 1.7% gain a month earlier.

Wholesale inventories in the US increased 0.6 percent from a month earlier in February of 2021, after a 1.4 percent rise in January and above a preliminary estimate of a 0.5 percent advance. It was the seventh consecutive month of gains in wholesale inventories.

Nondurable goods stocks rose 1.1 percent (vs 1.7 percent in January) and durable goods inventories were up 0.3 percent (vs 1.3 percent in January). On a yearly basis, wholesale inventories advanced 2 percent in February.

Trading Ideas:
--Silver trading range for the day is 65852-68022.
--Silver settled lower weighed down by a stronger U.S. dollar and rising bond yields.
--The strength in stock markets amid continued optimism about economic growth weighed as well on the metal.
--The Labor Department, report showed US producer prices jumped by much more than expected in the month of March.

Courtesy: Kedia Commodities
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