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Silver on MCX settled up 0.22% at 39136 on the first trading session of the year tracking gold prices and crude oil prices. In the first half of 2016, investors increased bullion exposure as the Federal Reserve showed caution on raising interest rates due to concerns about global growth, while Britain's vote to leave the European Union curbed appetite for risk and pushed the metal to a two-year high in July. Bullion prices seen under pressure since November, on higher U.S. Treasury yields after Donald Trump's presidential election win led to speculation his commitment to infrastructure spending would spur growth. U.S. economic data gave the Fed the confidence to raise rates for the first time in a year. The central bank signalled three more increases next year from the previous projection of two. Years of massive monetary easing from central banks and unorthodox policies such as negative interest rates have distorted prices, leading assets to react to events in unexpected ways. A wave of political populism sweeping Europe and the U.S. blindsided investors, leading to crucial mistakes in predicting the fallout from events such as Brexit or Mr. Trump’s victory. Growth in Chicago-area business activity slowed by much more than anticipated in the month of December, according to a report released by MNI Indicators. MNI Indicators said its Chicago Business Barometer slid to 54.6 in December after jumping to a nearly two-year high of 57.6 in November. Technically market is under short covering as market has witnessed drop in open interest by -0.23% to settled at 13743 while prices up 87 rupee, now Silver is getting support at 38971 and below same could see a test of 38805 level, And resistance is now likely to be seen at 39339, a move above could see prices testing 39541.
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Silver on MCX settled up 0.22% at 39136 on the first trading session of the year tracking gold prices and crude oil prices. In the first half of 2016, investors increased bullion exposure as the Federal Reserve showed caution on raising interest rates due to concerns about global growth, while Britain's vote to leave the European Union curbed appetite for risk and pushed the metal to a two-year high in July. Bullion prices seen under pressure since November, on higher U.S. Treasury yields after Donald Trump's presidential election win led to speculation his commitment to infrastructure spending would spur growth. U.S. economic data gave the Fed the confidence to raise rates for the first time in a year. The central bank signalled three more increases next year from the previous projection of two. Years of massive monetary easing from central banks and unorthodox policies such as negative interest rates have distorted prices, leading assets to react to events in unexpected ways. A wave of political populism sweeping Europe and the U.S. blindsided investors, leading to crucial mistakes in predicting the fallout from events such as Brexit or Mr. Trump’s victory. Growth in Chicago-area business activity slowed by much more than anticipated in the month of December, according to a report released by MNI Indicators. MNI Indicators said its Chicago Business Barometer slid to 54.6 in December after jumping to a nearly two-year high of 57.6 in November. Technically market is under short covering as market has witnessed drop in open interest by -0.23% to settled at 13743 while prices up 87 rupee, now Silver is getting support at 38971 and below same could see a test of 38805 level, And resistance is now likely to be seen at 39339, a move above could see prices testing 39541.
