Gold Silver Reports — Technically Silver market is under short covering as market has witnessed drop in open interest by -1.87% to settled at 21361 while prices up 203 rupees.
Now MCX Silver is getting support Key 36610 and below same could see a test of 36380 level, And resistance Key is now likely to be seen at 37220, a move above could see prices testing 37780.
Silver on MCX settled up 0.55% at 36974 tracking gains from Comex Silver which gained 0.21% to settled at $15.88 an ounce tallied a third-straight gain maintaining their short-term boost from political uncertainty in the US, as the Federal Reserve Janet Yellen’s reiterated a call for ‘gradual’ interest-rate hikes in Capitol Hill testimony.
In all Silver was down 2 percent at $15.28 an ounce. Prices are at their lowest since April last year and investors’ net long position in silver in the week to July 3 fell to its lowest since December 2015. With the gain, silver has rebounded more than 2% over the past two days as prices recovered from their lowest level in 15 months.
Precious metals received a boost on Tuesday after President Donald Trump’s eldest son released emails that seemed to suggest a connection between the Trump campaign and Russian officials during the 2016 election. The email chain was posted to Donald Trump Jr.’s Twitter account after The New York Times informed him of its intent to publicize the story.
Now in the week ahead, investors will be focusing on Fed Chair Janet Yellen’s testimony on monetary policy as well as US data on inflation and retail sales, due out on Friday. — Neal Bhai Reports