Silver buried under unresolved economic sentiments
Silver trading range for the day is 52075 53479. Technically market is getting support at 52483 and below could see a test of 52075 level And resistance is likely to be seen at 53185 a move above could see prices testing 53479.
Silver gained 0.27% to settle at 52890 despite of uncertainty in the market after Fed Chief Ben Bernanke's negative assessment of the US economy. Knocking the precious metal lower Bernanke delivered a negative assessment of the outlook for the US economy saying growth had lost momentum in the first half of the year and added that efforts to reduce the US unemployment rate were progressing frustratingly slowly.
Taking cues from mixed trades in the gold prices along with positive industrial production data from the US led Spot Silver prices to trade rangebound with upward bias in yesterday session. Additionally weakness in DX also supported upside in the prices. The white metal prices touched an intraday high of $27.4/oz and closed at $27.3/oz on Tuesday.
On the domestic front prices increased by 0.3 percent and closed at Rs.52 890/kg after touching an intraday high of Rs.53 072/kg in yesterday s trading session. However appreciation in the Indian Rupee restricted sharp gains in the MCX Silver prices. Markets exhibited a muted reaction to data saying that core consumer price inflation in the US rose 0.2% in June broadly in line with market expectations while prices including food and energy costs were flat. Moves in the bullion price this year have largely tracked shifting expectations as to whether the US central bank would pump more money into the financial system. With inputs from Kedia Commodities and Angel Commodities.