Silver prices fell below Rs 69,500 per kg on 16 July following weak economic data from China and a decline in gold trends. Precious metal gained 0.50 percent yesterday in COMEX.
The white metal came from previous gains and became red to trade during the lower part of the day after the start of the gap in the afternoon program.
Small precious metals traded for more than 20, 100 and 200 days at simple moving averages but lower than the 5 and 50-day moving averages on the daily chart. The relative strength index (RSI) is at 49.99, indicating a neutral movement in price.
The price has been exacerbated by rising tensions between the US and China, rising green prices and China’s attacks on major technology companies.
China’s Q2 GDP increased by 7.9 percent compared to expected growth of 8.1 percent.
The trend in the US dollar and bond yields could continue to affect gold and silver and the day will focus on economic data such as U.S. retail sales, Bank of Japan policy and inflation figures from the Eurozone.
The silver hold on iShares ETF was unchanged on the fourth day at 17,267.10 tons. The NAV Fund sells at a rate of 0.41 percent.
The US dollar index fell to 92.57, down 0.07 percent against the big cross.
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Sriram Iyer, Senior Research Analyst at Reliance Securities, said, “Foreign exchange rates have risen sharply this Friday morning and early afternoon in Asian trading as markets look for new causes. LBMA Silver above the $ 26.40 level will continue its Bullish momentum and further see the levels of 26.65- $ 27.20. Funding is at $ 26.10- $ 25.70. ”
“IMCX Silver September above the Rs 69,500 level can see a push of the Russian up to Rs 70,900-71,600. Support at Rs 69,200-68,500 levels, ”he added.
The local gold / silver rating currently stands at 69.66 to 1 indicating that gold has surpassed silver.
IMCX Bulldesk dropped 41 points, or 0.28 percent, to 14,828 at 15:05. The indicator tracks the real-time performance of the future of MCX Gold and MCX Silver.
In the futures market, the September delivery silver hit a high intraday of Rs 69,931 and a low Rs 69,276 per MCX. So far in the current series, the precious metal has touched a low value of Rs 67,700 and a high of Rs 75,215.
The silver delivery for the September contract decreased by Rs 331, or 0.48 per cent to Rs 69,350 per kg in 15:06 hours with a business profit of 10,714 lots. The same for the December contract decreased by Rs 262, or 0.37 percent, to Rs 70,600 per kg for a profit of 530 lots.
The total number of September and December contracts sold to date is Rs 854.14 crore and Rs 13.38 crore, respectively.
Similarly, August’s Silver Mini contract slides Rs 296, or 0.42 percent to Rs 69,510 in business profits of 13,266 lots.
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Kotak Securities said the silver bulls would have to keep prices above $ 26.60-26.65 in order to move further. Until then the view remains on the brink of collapse as the movement of the American dollar could provide a gold direction that could affect silver prices.
At 09:39 (GMT), precious metals fell 0.53 percent and quoted $ 26.25 an ounce in New York.
