Gold Silver Reports (GSR) – MCX Silver Short Covering Strong Support level @39440 Hint By Neal Bhai MFA Technical Analyst – The monthly decline in factory orders is likely to be temporary amid reports of strong manufacturing conditions in May. Investor morale in the euro zone deteriorated for the fifth month in a row in June to its lowest level since October 2016, hit by concerns about an anti-establishment government taking power in Italy and a trade dispute with the US. Key factors to watch today include China Caixin services purchasing managers’ index (PMI) in May, Eurozone retail sales in April and US ISM nonmanufacturing PMI in May.
Silver traded in range as a Federal Reserve interest rate hike expected next week kept a lid on upside in the precious metal. U.S. Treasury yields rose with the 10-year yield hitting one-week highs as investors pared safe-haven holdings of lower-risk government debt due to fading fears about political turmoil in Italy and Spain.
“MCX Silver is getting support at 39440 and below same could see a test of 39280 levels and resistance is now likely to be seen at 39844, a move above could see prices testing 40220.”
Neal Bhai Reports (NBR) By CFA’s and MFA’s Technical Team
Mobile No. 9582247600 & 9899900589
