Gold Silver Reports – Silver MCX Buy on Dips, Silver Trading Zone between 37210—37970 – Silver on MCX settled up 0.68% at 37646 amid ongoing dollar weakness as House Republicans prepared to re-vote on the tax bill following a technical snafu. The dollar index slipped for the third consecutive session, following a basket of data from the US, the world’s largest economy, and ahead of the final Congress vote on the massive US tax reform bill.
Technically now Silver MCX is getting support key at 37333 and below same could see a test of 37210 levels and resistance key is now likely to be seen at 37760, a move above could see prices testing 37970.
US data showed existing home sales rose 5.6% in November to annualized 5.81 million units, compared to a 2.4% rise in October to 5.48 million, while analysts expected a 0.9% rise to 5.53 million. The Senate passed the tax reform bill, and if the House of Representatives passes it as well today – as expected, it will go for President Donald Trump to sign into law.
President Trump tweeted that he will hold a press conference on Wednesday in case the plan was finally approved in the House. Large metals speculators trimmed their net positions in the Silver futures markets again last week bringing down speculative sentiment in this shiny metal, according to the latest COT data released by the CFTC.
Read More: Silver Futures Forecast Report Technical Analysis – December 14, 2017
The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 9,914 contracts in the data reported through Tuesday December 12th. This was a weekly reduction of 21,512 contracts from the previous week. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -24,829 contracts on the week. – Neal Bhai Reports
