Commodity Trading Tips for Silver by Kedia Commodity
Silver settled flat after prices seen supported as heightened geopolitical tensions underpinned safe haven demand for the precious metal. Investors continued to play it safe as concerns over U.S. military action against Syria and North Korea along with worries over the French presidential election. Risk-off sentiment has boosted to demand for traditional safe-haven assets including bullion, as investors sought refuge from the recent market volatility amid increased geopolitical concerns. U.S. – Russia relations remained in the political spotlight, as U.S. Secretary of State Rex Tillerson was expected in Moscow on Wednesday to meet with his Russian counterpart Sergey Lavrov and discuss a number of sensitive topics including the Korean peninsula, Syria and bilateral relations. The meeting between Tillerson and Lavrov, came fresh off the heels of comments from Russia President Vladimir Putin on Wednesday, after he said trust had eroded between the United States and Russia. Geopolitical tension on the Korean Peninsula also provided support. A call on Wednesday between Chinese President Xi Jinping and U.S. President Donald Trump called for a peaceful resolution of concerns with North Korea's nuclear and missile programs. Trump told the Wall Street Journal, that he thinks the currency (dollar) is getting too strong and hinted that he may reappoint Janet Yellen to chair the Federal Reserve Board when her term ends in 2018, as he added "I do like a low-interest rate policy, I must be honest with you,” Technically market is under short covering as market has witnessed drop in open interest by -2.36% to settled at 12309 while prices up 15 rupees, now Silver is getting support at 42098 and below same could see a test of 41994 level, And resistance is now likely to be seen at 42362, a move above could see prices testing 42522.
Silver trading range for the day is 41994-42522.
Silver settled flat after prices seen supported as heightened geopolitical tensions underpinned safe haven demand for the precious metal.
Investors continued to play it safe as concerns over U.S. military action against Syria and North Korea along with worries over the French presidential election.
Chinese President Xi Jinping called for a peaceful resolution of escalating tensions on the Korean peninsula during a call with U.S President Donald Trump.