Silver on MCX settled up 0.96% at 39501 as dismal data on global factory activity pushed investors back from risk as markets began trading for 2019. Prices was also supported by expectations of lower interest rates in 2019. The case for lower global interest rates was boosted by a series of weaker than expected manufacturing reports.
The US ISM manufacturing activity index fell to 54.1 in December, above the 50 mark that separates growth from contraction but well shy of the 59.3 in November and the expected 57.5. The index is now at the lowest since November 2016, with an 11-point slump in new orders to 51.1 and a 2-point slide in employment, to 56.2.
Technically now Silver is getting support at 39262 and below same could see a test of 39023 level, And resistance is now likely to be seen at 39640, a move above could see prices testing 39779.
Trading Ideas:
* Silver trading range for the day is 39023-39779.
* Silver prices gained as dismal data on global factory activity pushed investors back from risk as markets began trading for 2019.
* Prices was also supported by expectations of lower interest rates in 2019.
* Coming into the new year, gold is being supported by expectations that the U.S. Federal Reserve will take a pause in its rate increases.
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