Silver MCX Fresh Buying Above Level 38733

Silver MCX- neal bhai callGold Silver Reports — Technically Silver market is under fresh buying as market has witnessed gain in open interest by 1.6% to settled at 12865 while prices up 25 rupees. 

MCX Silver is getting support key level 38733 and below same could see a test of 38470 levels, and resistance key is now likely to be seen at 39333, a move above could see prices testing 39710.

Silver traded in range as market players looked ahead to this week’s annual meeting of top central bankers and economists in Jackson Hole, Wyoming. The United States and South Korean began long-planned joint military exercises on Monday, heightening tensions with North Korea which called the drills a “reckless” step toward nuclear conflict.

Safe haven demand rose, supporting a move higher in prices, after the U.S. and South Korea began computer-simulated military exercises, risking a reaction from North Korean leader Kim Jong un, who may view such exercises as preparation for an invasion of the isolated nation.

The rise in geopolitical tensions in the Korean Peninsula comes amid turmoil in Washington, as investors continued to doubt whether the recent political controversies engulfing President Donald Trump will delay the introduction of his pro-growth economic agenda.

Investors will be looking ahead to speeches by central bankers at the Fed’s annual central bank symposium in Jackson Hole, Wyoming. European Central Bank President Mario Draghi is key as he has lagged a discussion so far underway in the US and broached in Japan on the timing and methods to wind down asset buying programs.

As well, U.S. data on housing and durable goods to gauge how it will impact on Fed policy, while the euro zone is to release data on private sector activity.

Silver MCX Fresh Buying Above Level 38733 | Neal Bhai Reports | Gold Silver Reports

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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