Silver prices recovered from lows as investors fretted about the global economy and trade tensions, and as the European Central Bank and the U.S. Federal Reserve showed signs that monetary policy will remain accommodative.
Brexit uncertainty, the Trump administration's threat of imposition of tariffs on a range of EU goods and skepticism about U.S.-China trade agreement, all dented investor sentiment. The IMF cut its global growth forecasts for 2019 to 3.3%, the slowest expansion since 2016 and from its earlier projection of 3.5% in January.
US-Europe trade tension troubled the markets. The European Union said it is preparing retaliatory tariffs against the US subsidies to Boeing, hours after Washington vowed to hit the EU with duties over its support for Airbus. US Trade Representative Robert Lighthizer proposed a list of EU products ranging from large commercial aircraft and parts to dairy products and wine, on which to impose tariffs as retaliation for European aircraft subsidies.
US job openings, a measure of labour demand, tumbled by 538,000 to a seasonally adjusted dropped 7.1 million, the Labor Department said in its monthly Job Openings and Labor Turnover Survey (JOLTS). That was the lowest since March 2018 and reflected declines in several industries. The U.S. Trade Representative proposed a list of European Union products ranging from large commercial aircraft and parts to dairy products and wine on which to slap tariffs as retaliation for European aircraft subsidies.
Technically market is under short covering as market has witnessed drop in open interest by -0.21% to settled at 20025 while prices up 23 rupees, now Silver is getting support at 37684 and below same could see a test of 37508 level, And resistance is now likely to be seen at 37971, a move above could see prices testing 38082.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
or visit http://www.ways2capital.com
✆ - 0731-2428906 | Toll Free - 1800-123-2353
Give a Missed Call for Free Trial - 09699997717
No comments:
Post a Comment