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Silver Prices Remain Stable Above Critical Support

By Abhishek BansalCommoditiesAug 04, 2021 03:18AM ET
www.investing.com/analysis/silver-prices-remain-stable-above-critical-support-200595952
Silver Prices Remain Stable Above Critical Support
By Abhishek Bansal   |  Aug 04, 2021 03:18AM ET
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Silver prices will remain stable as long as they remain above $24.63
 
Strong US economic data is encouraging positive movement in industrial metals prices, with September silver up from the previous day's low of $25.27. The economic data from the United States was better than predicted, which bodes well for stocks. Factory orders in the United States increased +1.5 percent m/m in June, exceeding expectations of +1.0 percent m/m. Following strong economic news, the dollar index rose, although gains were limited due to decrease in global bond yields.
 
Silver prices were also bolstered by solid global PMI data. The Caixin services PMI in China rose to 54.9 in July, up from a 14-month low. The sharper upturn in Chinese services activity in July coincided with the successful containment of the recent comeback in Covid-19 infections, according to the data.
 
Industrial metals, on the other hand, are likely to face some resistance due to the global spread of the Delta strain of Covid, which has prompted additional lockdowns in parts of Asia and Australia and raised concerns about a global slowdown. On Wednesday morning, the overall number of cases had reached 199.499 million, with the death toll from the virus standing at 4.245 million, according to the Johns Hopkins University (JHU) in the United States.

According to the CFTC Commitments of Traders data for the week ended July 27, the net long of silver futures declined by 6258 contracts to 31217. Long speculative holdings lost 3553 contracts, while short speculative positions gained 2740 contracts.

Silver prices are expected to remain solid while trading above a critical support level of $25.0-$24.63, with immediate resistance at the 100-day EMA at $26.32-$26.88.

Silver Prices Remain Stable Above Critical Support
 

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Silver Prices Remain Stable Above Critical Support

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Disclaimer: Mr. Abhishek Bansal is a new-age, first-generation entrepreneur, and the Founder Chairman of Abans Group, a quintessential diversified business group, providing expertise in Broking Services, Non-Banking Financial Dealings, Financial Services, Agri-Commodity Services, Warehousing, Realty & Infrastructure, Gold Dore Refinery & Manufacturing, and Trading in Metal Products, Pharmaceuticals, Software Development & Wealth Management.
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