Karachi, July 11, 2018 (PPI-OT): Silver
Silver markets initially fell during the trading session yesterday, reaching down towards the $15.90 level for support and finding it. The market then bounced enough to reach towards the $16 level, an area that of course will attract a lot of attention due to the large, round, psychological significance of the figure. The $16.15 level was broken above recently, which of course was a good sign, but it have turned right back around. Ultimately, the market will continue to see a lot of choppiness, so look for back and forth a range bound type of trades. Economists believe that the overall attitude of the market will be range bound, with a slightly positive amount of momentum underneath. The $15.50 level is the beginning of support extending down to the $15 level underneath. Market players believe that longer-term investors will continue look at these dips as buying opportunities.
Silver prices went down 0.13 percent at $16.05 an ounce
A higher U.S dollar index is also a negative for the precious metals markets
World stock markets were mixed overnight. U.S stock indexes are pointed toward slightly higher openings
July Comex silver was last down $0.109 at $16.03 an ounce
A firmer dollar was cited as headwind for silver, as it makes bullion more expensive for holders of other currencies
Silver futures tilted lower from June 27 highs, as the dollar index rose off June 14 lows for the second session, following earlier data from China, the world’s largest metals consumer, and the US.
Silver prices are moderately lower in early U.S trading yesterday. The safe- haven metals are suffering from a perceived lack of geopolitical risks in the marketplace at present. Rallying stock markets recently attest to the scant risk aversion in the marketplace at present, despite a U.S-China trade war that is brewing.
Silver futures due on September 15 inched down 0.18% to $16.11 an ounce from the opening of $16.14, marking July 3 lows, while the dollar index rose 0.16% to 94.23 from the opening of 94.08, moving away from four-week lows.
Earlier US data showed the JOLTS Job Openings fell to 6.64 million in May from 6.84 million in April, missing expectations of 6.88 million. On Friday. released US data showed the unemployment rate up to 4.0% in June from 3.8% in May, a 2000 nadir, while average earnings rose 0.2%, slowing down from 0.3%.
The US economy created 213 thousand new jobs in June, down from 244K in May and beating forecasts of 195K as the trade deficit shrank to $43.1 billion from $46.1 in April, beating forecasts of 43.6.
The Federal Reserve voted at the June 12-13 meeting to hike interest rates to below 2% as expected by markets, while paving the way for possibly four rate hikes this year.
Earlier Chinese data showed consumer prices rose 1.9% y/y as expected, accelerating from 1.8% in May, while producer prices rose 4.7% in June, accelerating from 4.1% and beating expectations of 4.5