MCX Silver under short covering; Resistance seen at 63473
Commodity Online | October 14 2021
UPDATED 09:40:52 IST

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Technically Silver market is under short covering as market has witnessed drop in open interest by 6.84% to settled at 10031 while prices up 1301 rupees.

Now MCX Silver is getting support at 62030 and below same could see a test of 61172 levels, and resistance is now likely to be seen at 63473, a move above could see prices testing 64058.

Silver yesterday settled up by 2.11% at 62887 as bond yields receded and the dollar eased off more than one-year high.

U.S. consumer prices increased solidly in September and are poised to rise further in the months ahead amid a surge in the costs of energy products, which would cast doubts on the Federal Reserve’s view that high inflation is transitory.

The consumer price index rose 0.4% last month after climbing 0.3% in August, the Labor Department said. In the 12 months through September, the CPI increased 5.4% after advancing 5.3% year-on-year in August.

Three Fed officials including Vice Chair Richard Clarida said that the U.S. economy has healed enough to begin to scale back the central bank's asset-purchase program. 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.

Trading Ideas:
--Silver trading range for the day is 61172-64058.
--Silver prices rose as bond yields receded and the dollar eased off more than one-year high.
--U.S. consumer prices increased solidly in September and are poised to rise further in the months ahead.
--The consumer price index rose 0.4% last month after climbing 0.3% in August, the Labor Department said.

Courtesy: Kedia Commodities

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