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Silver Market Under Long Liquidation; Support Seen At 40009

By CommodityOnline (Commodity Online)CommoditiesFeb 07, 2019 17:35
in.investing.com/analysis/silver-market-under-long-liquidation-support-seen-at-40009-200207577
Silver Market Under Long Liquidation; Support Seen At 40009
By CommodityOnline (Commodity Online)   |  Feb 07, 2019 17:35
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Technically Silver market is under long liquidation as market has witnessed drop in open interest by 2.52% to settled at 13777.

Now MCX Silver is getting support at 40009 and below same could see a test of 39871 levels and resistance is now likely to be seen at 40361, a move above could see prices testing 40575.

Silver on MCX settled down 0.54% at 40146 on a firmer dollar as investors waited for signs of resolution in U.S.-China trade talks, while keeping an eye on the Federal Reserve’s monetary policy.

The Institute of Supply Management, meanwhile, reported a five-month low in U.S. services sector activity for January, missing consensus estimates and increasing worries of demand on a global scale.

That followed through with data showed an unexpected fall in new orders for U.S.-made goods in November, with sharp declines, particularly in demand for machinery and electrical equipment. Even White House economic adviser Kevin Hassett's remarks that there was still "a lot of work to do” on the U.S.-China trade talks did not result in a bid for bullion.

Investors have been buying bullion either as a hedge against a further U.S. fallout with China or a direct bet that a trade deal between the two countries would not happen. Investors will be closely watching a number of Fed speeches this week for further clues on interest rates. Topping the list of the speakers will Fed Chair Jerome Powell, who will come on Wednesday.

Others from the central bank lined up to speak this week are Fed Vice Chair Richard Clarida, Cleveland Fed President Loretta Mester, St. Louis Fed President James Bullard and Fed Governor Randal Quarles. Last week's solid U.S. jobs report showed no evidence of an economy slowing, giving the Federal Reserve significant flexibility to be patient with future interest rate hikes.

Trading Ideas:
--Silver trading range for the day is 39871-40575.
--Silver dropped on a firmer dollar as investors waited for signs of resolution in U.S.-China trade talks, while keeping an eye on the Federal Reserve’s monetary policy.
--The Institute of Supply Management, reported a five-month low in U.S. services sector activity for January, increasing worries of demand on a global scale.
--Investors will be closely watching a number of Fed speeches this week for further clues on interest rates.

Silver Market Under Long Liquidation; Support Seen At 40009
 
Silver Market Under Long Liquidation; Support Seen At 40009

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