Technically Silver market is under fresh selling as market has witnessed gain in open interest by 3.99% to settled at 28738 while prices down 222 rupees.
Now MCX Silver is getting support at 36929 and below same could see a test of 36797 levels and resistance is now likely to be seen at 37289, a move above could see prices testing 37517.
Silver on MCX settled down 0.6% at 37061 shrugging off a weaker dollar as President Donald Trump's remarks on trade knocked investor optimism on U.S.-China relations. Just days after U.S. President Donald Trump threatened to step up a trade war by imposing tariffs on $200 billion worth of Chinese goods – a proposal that has already gone through public consultations – but also on a further $267 billion.
Those tariffs, if activated, would be in addition to tariffs already in place on around $50 billion worth of Chinese goods and would cover more than the total Chinese exports to the U.S. U.S. officials said they had send an invitation to their counterparts in China.
U.S. Treasury Secretary Steven Mnuchin is reportedly working to meet with top Chinese officials, including Vice Premier Liu He, who is Chinese President Xi Jinping’s top economic adviser. The US producer price index (PPI) for final demand fell unexpectedly by 0.1% in August, seasonally adjusted, the US Department of Labor reported.
This marked the first drop in a year and a half, as declines in the prices of food and a range of trade services offset higher costs of energy products. On a yearly basis, the PPI rose 2.8%, slowing further after an increase of 3.3% in July.
Despite the moderation in producer prices last month, overall inflation is steadily rising against the backdrop of a strong labour market and a robust economy.
--Silver trading range for the day is 36797-37517.
--Silver dropped shrugging off a weaker dollar as President Donald Trump's remarks on trade knocked investor optimism on U.S.-China relations.
--The U.S. central bank is widely anticipated to raise the benchmark interest rate at its September meeting and expectations are growing for one more hike in December.
--The US producer price index (PPI) for final demand fell unexpectedly by 0.1% in August, seasonally adjusted, the US Department of Labor reported.
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