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.
# 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.