MCX SILVER IF Close Above 40144, We See Target 40525—41080 – Neal Bhai
Silver on MCX settled down 0.36% at 39443 as investors’ appetite for risk assets improved following more positive news on the trade front.
Silver Prices fell as traders awaited the outcome of trade negotiations in China led by U.S. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.
MCX Silver Strong Support Level 39070, Buy on Dips Target 40100—40525
Chinese President Xi Jinping and Vice Premier Liu He are scheduled to meet a U.S. delegation that includes Lighthizer and Mnuchin in Beijing on Thursday and Friday.
In recent days, both the greenback and the precious metal have seen choppy moves as investors reacted to Trump’s decision at first to forego a summit with Chinese President Xi Jinping, then express his continued desire to strike a deal with China.
The U.S. central bank held rates steady in late January and promised to be “patient” in rate moves due to impending slowdown and uncertain trade backdrop. Several Fed officials have indicated that they will support a pause in interest rate hikes to assess its impact on the economy. – Neal Bhai Reports
