Silver Up As Dollar Eased & Investors Watched Latest Developments On Brexit Talks


yesterday settled up by 0.68% at 62095 as the dollar eased and investors watched the latest developments related to Brexit talks, U.S. stimulus negotiations, and the coronavirus pandemic. On the U.S. stimulus front, House Speaker Nancy Pelosi said differences remain with President Donald Trump’s administration on a wide-ranging coronavirus relief package but she was optimistic legislation could be pushed before the Nov.3 election.
  
President Trump said he would be open to a stimulus package bigger than the $2.2 trillion proposed by Democrats. Meanwhile, amid rising coronavirus infections and fresh government restrictions, economists warn that Europe’s economy is sliding towards a double-dip recession. Further underpinning safe-haven demand for bullion were concerns surrounding fresh coronavirus-led restrictions in Europe and elsewhere as worldwide infections crossed over 40 million, as well as uncertainty over the U.S. elections.
  
Citi said in a note it expects silver to rally to $40 over the next 12 months, on sustained investor demand and a recovery in industrial consumption in 2021. As per data from the Ministry of Commerce & Industry, India’s import of silver was 11.28 tonnes, down 96 percent, y-o-y. Year-to-date (between January and September) about 1468 tonnes of silver have been imported.
  
Technically market is under short covering as the market has witnessed a drop in open interest by -0.79% to settled at 14791 while prices up 419 rupees, now Silver is getting support at 61088 and below same could see a test of 60081 levels, and resistance is now likely to be seen at 63191, a move above could see prices testing 64287.       
  
Trading Ideas:   
#             Silver trading range for the day is 60081-64287.
#             Silver rose as the dollar eased and investors watched the latest developments related to Brexit talks, U.S. stimulus negotiations, and the coronavirus pandemic.
#             Further underpinning safe-haven demand for bullion were concerns surrounding fresh coronavirus-led restrictions in Europe as well as uncertainty over the U.S. elections.

#             Citi expects silver to rally to $40 over the next 12 months, on sustained investor demand and a recovery in industrial consumption in 2021.



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