Silver dropped amid stronger U.S. dollar : 12.09.2016
Silver trading range for the day is 45725-46995.
SILVER TREND : SELL ZONE
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Silver dropped amid stronger U.S. dollar and concerns that the Federal Reserve may raise
interest rates sooner than expected
Fed’s Rosengren spoke in favor of raising rates, sparking speculation that an interest-rate
increase could come as early as September.
Imports of silver have fallen significantly this year, after about 20,000 tonnes of inflow
over the past three years
Silver on MCX settled down -1.11% at 46194 as prices under pressure from a stronger U.S. dollar and concerns that the Federal Reserve may raise interest rates sooner than expected. Federal Reserve Bank of Boston
President Eric Rosengren spoke in favor of raising rates, sparking speculation that an interest-rate increase could come as early as September. Recent disappointing U.S. economic data, including nonfarm payrolls and ISM nonmanufacturing reports, buoyed gold prices and diminished expectations for a rate increase in September. However, the precious metal has also been susceptible to remarks from Fed officials, leading to sharp price swings in a thin market. The European Central Bank stood pat on its benchmark rates and repeated a pledge to keep rates low for an extended period. The divergence between U.S. monetary policy direction, which is headed higher, and the policy tilt elsewhere, including in Europe and Japan, remains a key driver in metals and foreign-exchange trading. Imports of silver have fallen significantly this year, after about 20,000 tonnes of inflow over the past three years. From January to July, 2,111 tonnes were imported, against 4,362 tonnes in the same period last year, the lowest after 2012. Demand was low and the big imports by traders in past years was coming into the market. Fed officials will next gather on Sept. 20-21 to set interest rate policy, and the quiet period before that meeting begins Tuesday. Technically market is under fresh selling as market has witnessed gain in open interest by 7.21% to settled at 8713 while prices down -520 rupee, now Silver is getting support at 45960 and below same could see a test of 45725 level, And resistance is now likely to be seen at 46595, a move above could see
prices testing 46995.
Silver trading range for the day is 45725-46995.
SILVER TREND : SELL ZONE
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Silver dropped amid stronger U.S. dollar and concerns that the Federal Reserve may raise
interest rates sooner than expected
Fed’s Rosengren spoke in favor of raising rates, sparking speculation that an interest-rate
increase could come as early as September.
Imports of silver have fallen significantly this year, after about 20,000 tonnes of inflow
over the past three years
Silver on MCX settled down -1.11% at 46194 as prices under pressure from a stronger U.S. dollar and concerns that the Federal Reserve may raise interest rates sooner than expected. Federal Reserve Bank of Boston
President Eric Rosengren spoke in favor of raising rates, sparking speculation that an interest-rate increase could come as early as September. Recent disappointing U.S. economic data, including nonfarm payrolls and ISM nonmanufacturing reports, buoyed gold prices and diminished expectations for a rate increase in September. However, the precious metal has also been susceptible to remarks from Fed officials, leading to sharp price swings in a thin market. The European Central Bank stood pat on its benchmark rates and repeated a pledge to keep rates low for an extended period. The divergence between U.S. monetary policy direction, which is headed higher, and the policy tilt elsewhere, including in Europe and Japan, remains a key driver in metals and foreign-exchange trading. Imports of silver have fallen significantly this year, after about 20,000 tonnes of inflow over the past three years. From January to July, 2,111 tonnes were imported, against 4,362 tonnes in the same period last year, the lowest after 2012. Demand was low and the big imports by traders in past years was coming into the market. Fed officials will next gather on Sept. 20-21 to set interest rate policy, and the quiet period before that meeting begins Tuesday. Technically market is under fresh selling as market has witnessed gain in open interest by 7.21% to settled at 8713 while prices down -520 rupee, now Silver is getting support at 45960 and below same could see a test of 45725 level, And resistance is now likely to be seen at 46595, a move above could see
prices testing 46995.
