Silver yesterday settled up by 1.16% at 67034 as investors looked ahead to a slew of central bank meetings next week for clues on the pace of rate hikes. Mounting concerns of a global recession and weak trade data from China weighed on riskier assets, helping offer some support for bullion. Markets eye central bank decisions, with the European Central Bank, the Bank of England and the Federal Reserve all due to hold their monetary policy meetings next week. The Fed is largely expected to hike interest rates by 50 basis points at its FOMC meeting next week, a step down from its four straight 75-basis-point interest rate hikes.
Data showed that China's exports and imports both shrank to their weakest level since mid-2020 in November. Elsewhere, official data showed that German industrial production dropped 0.1 percent on a monthly basis in October, slower than the expected fall of 0.6 percent. Separately, the U.K. housing market continued to slow in November as house prices decreased for a third month in a row and at the steepest rate in over 14 years, survey results from the Lloyds (LON:LLOY) Bank unit Halifax and S&P Global (NYSE:SPGI) showed.
Technically market is under fresh buying as the market has witnessed a gain in open interest by 6.63% to settle at 20160 while prices are up 767 rupees, now Silver is getting support at 66265 and below same could see a test of 65495 levels, and resistance is now likely to be seen at 67552, a move above could see prices testing 68069.
Trading Ideas:
# Silver trading range for the day is 65495-68069.
# Silver gains as investors looked ahead to a slew of central bank meetings next week for clues on the pace of rate hikes.
# Mounting concerns of a global recession and weak trade data from China weighed on riskier assets, helping offer some support for bullion.
# Data showed that China's exports and imports both shrank to their weakest level since mid-2020 in November.