Gold Silver Reports – Silver settled down -0.06% at 37207 down as prices struggled for direction swinging between small gains and losses as investors continued to monitor movements in oil and global equity markets.
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While support seen as metal traders reacted to a mixed batch of U.S. economic data and a major sell-off among equity markets in China ahead of the start of the Group of 20 summit in Shanghai. In overnight the Shanghai Composite Index tumbled more than 6%, amid tighter liquidity requirements, while the offshore yuan moved lower for the fifth consecutive session.
It came as the People’s Bank of China broadened reserve constraints for a number of financial institution, which reportedly received more favorable treatment from the Chinese central bank in recent months. As a result, the overnight repurchase rate surged 14 basis points, its highest amount In two weeks, to 2.11%. The decline in China’s benchmark index marked the steepest one-day fall in a month, pushing year-to-date losses to 22%. China is the world’s largest producer of gold and the second-largest consumer of the precious metal behind India.
Bullion prices inched lower after the U.S. Commerce Department reported that durable goods orders surged by 4.9% in January, their strongest pace in 10 months, erasing losses from the previous month when they slumped 4.6%. More importantly, core capital goods orders, a key reading, soared by 3.9%, representing its strongest monthly performance since June, 2014. Despite an upwardly revised total, core capital goods still fell 3.7% in December. Technically market is under long liquidation as market has witnessed drop in open interest by -4.6% to settled at 7760, now Silver is getting support at 36896 and below same could see a test of 36586 level, and resistance is now likely to be seen at 37480, a move above could see prices testing 37754. – Neal Bhai Reports
Trading Intraday Range:
⊕ Silver MCX trading Intraday Range 36570↔37890
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