Silver recovered on short covering after prices dropped as pressure seen after progress in the U.S.-China trade talks helped propel world stock markets. Strong Chinese exports as well as bank loan data also helped ease investor worries over slowing global growth. Optimism prevailed on the trade front after U.S. Treasury Secretary Steven Mnuchin said a U.S.-China trade agreement would go "way beyond" previous efforts to open China's markets to U.S. companies.
Mnuchin told the media on the sidelines of the spring meetings of the International Monetary Fund and World Bank that he believed Washington and Beijing are getting close to the final round of concluding issues. The major driver in the second half of the week was the agreement between the EU and the UK that the Brexit deadline would be pushed to October 31, 2019, with a review by June 30.
While the shift swings attention back towards UK domestic political dynamics and cross-party talks between UK Prime Minister and Tory party leader Theresa May and Labour party leader Jeremy Corbyn, the spotlight may not appear that bright this week. In the Eurozone, industrial output declined in February by less than expected, with the EU’s statistics office Eurostat reporting that production across the 19 countries fell by 0.2% month on month.
Hedge funds and money managers upped their net short position in silverin the week to April 9, the U.S. Commodity Futures Trading Commission (CFTC) said. Technically now Silver is getting support at 36997 and below same could see a test of 36720 level, And resistance is now likely to be seen at 37445, a move above could see prices testing 37616.
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