FREE SILVER TIPS 29-12-2016
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Silver on MCX settled up 0.77% at 39420 edged up but gains were limited by a firmer US dollar. Volumes were thin ahead of the new year. Market activity is expected to remain low for the balance of the week. Silver maintained a solid tone with a move above the $16.00 level with trading conditions inevitably lacklustre and prices drifted lower again in Asia. There was a weaker than expected reading for US pending home sales with a 2.5% decline for November to the lowest rate since January, which reinforced concerns over a potentially significant adverse impact on interest-rate sensitive areas of the economy if bond yields rise further. The dollar pulled away from its best levels after the data and there were slight gains for US Treasuries with 10-year US yields dipping below the 2.55% level, which also provided some relief to precious metals. US equity markets also lost some ground with a more fragile environment surrounding risk curbing potential selling pressure on silver. In economic data on Thursday, the US government will report on weekly jobless claims, wholesale inventories and the goods trade balance. Technically market is under short covering as market has witnessed drop in open interest by -1.15% to settled at 13463 while prices up 302 rupee, now Silver is getting support at 39151 and below same could see a test of 38882 level, And resistance is now likely to be seen at 39608, a move above could see prices testing 39796.
