Silver Price Analysis: Silver built on the post-FOMC recovery from the $21.40 region, or the YTD low touched on Wednesday and edgedhigher for the 3rd successive day on Friday. The uptick pushed the white metal to a nearly two-week high, around the $22.55-60 resistance zone during the early European session.
Silver (White Metal) prices eases from an intraday high of $22.25, marking the failure to extend the bounce off late September levels.
Gold struggles to capitalize on weak NFP data, holds near $1,770
Live Gold Silver Analysis: Gold spiked to a daily high near $1,780 with the initial market reaction to the disappointing Nonfarm Payrolls data from the US but seems to be having a difficult time preserving its bullish momentum with the 10-year US T-bond yield staying resilient.
MCX Silver yesterday settled up by 2.03% at 65878 after fresh data showed inflationary pressures in the US continue to increase, which could mean the Fed will have to raise interest rates faster than expected.
Silver now seems to have entered a bullish consolidation phase and was seen oscillating in a range just below mid-$24.00s, or six-week tops touched earlier this Thursday.
Spot silver shorts at $22.50—$22.60 Target $22.20—$22.10, perhaps as far as $21.85/$21.80. If we continue lower look for $21.65 & $21.45—$21.40.
Silver MCX Today: Silver yesterday settled up by 2.11% at 59617 as the number of Americans filing new claims for jobless benefits rose further last week amid another increase in California, but the labor market recovery remains intact, with unemployment rolls steadily shrinking in mid-September.