Silver Up As Dollar Came Under Pressure As Powell Outlined Policy Change Last Week

  • Commodities Analysis

Silver Futures yesterday settled up by 2.32% at 70437 as the dollar came under pressure after Fed Chair Jerome Powell outlined an accommodative policy change last week, which could result in inflation moving slightly higher and interest rates staying lower for longer. The manufacturing sector in China continued to expand in August, albeit at a slower pace, the latest survey from the National Bureau of Statistics revealed with a manufacturing PMI score of 51.0.
 
 
Elsewhere, industrial output in Japan climbed a seasonally adjusted 8.0 percent on month in July, the Ministry of Economy, Trade, and Industry (METI) said in a report today. That beat forecasts for a gain of 5.8 percent and was up from 1.9 percent in June. The METI also said that the total value of retail sales in Japan was down a seasonally adjusted 3.3 percent on month in July.
 
 
Hedge funds and money managers reduced their bullish positions in COMEX gold and raised them in silver contracts in the week to Aug. 25, the U.S. Commodity Futures Trading Commission (CFTC) said. U.S. consumer spending increased more than expected in July, boosting expectations for a sharp rebound in economic growth in the third quarter, though momentum is likely to ebb as the COVID-19 pandemic lingers and money from the government runs out.
 
 
Technically market is under fresh buying as market has witnessed a gain in open interest by 13.11% to settled at 15521 while prices up 1600 rupees, now Silver is getting support at 69437 and below the same could see a test of 68436 levels, and resistance is now likely to be seen at 71079, a move above could see prices testing 71720.
 
 
Trading Ideas:
#             Silver trading range for the day is 68436-71720.
#             Silver prices gained as the dollar came under pressure after Fed Chair Jerome Powell outlined an accommodative policy change
#             The manufacturing sector in China continued to expand in August, albeit at a slower pace, with a manufacturing PMI score of 51.0.
#             Hedge funds and money managers their bullish positions in COMEX silver contracts.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
  • Rk Chouhan @Rk Chouhan
    Ajay sar namskar
    Like 0

Related Articles