FREE COMMODITY SILVER NEWS 30-12-2106
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Silver on MCX settled up 0.51% at 39621 tracking firmness from Comex Silver which jumped nearly 1.15% to settled at $16.22 a troy ounce rebounding from last week's eight-month low of $15.67 as the U.S. dollar and global stock markets pulled back, boosting the appeal of the bullion. Trade is expected to remain thin for the rest of the week as most investors are away for year-end holidays. The U.S. dollar slumped on Thursday, slipping from its 14-year-high against a basket of currencies as investors took profits in the run-up to the end of the year. Bullion prices have fallen sharply since Donald Trump was elected president as a soaring U.S. dollar, rising Treasury yields and a record-breaking rally on Wall Street have dampened its appeal. Recent upbeat U.S. data has helped underscore expectations the Fed will raise interest rates more quickly next year, which would lower
demand for non-yielding assets such as bullion, while boosting the dollar in which it is priced. Technically market is under short covering as market has witnessed drop in open interest by -0.19% to settled at 13438 while prices up 201 rupee, now Silver is getting support at 39367 and below same could see a test of 39112 level, And resistance is now likely to be seen at 39860, a move above could see prices testing 40098.
