50 is the dividing line between economic growth and contraction. Manufacturing also increased in China with the official PMI growing to 50.5 in January from 50.3 in December, beating the consensus forecast for a sub 50 reading. News from the Greek debt talks indicates that progress is being made in terms of a sweetener tied to a revival in economic growth that would soften the blow of lower bond interest rates. Investors are awaiting additional details.
Earlier, Greek newspaper Kathimerini reported that the head of the IMF`s mission to Athens said talks on a new loan program for the island country will wrap up in several days. Now technically market is trading in the range as RSI for 18days is currently indicating 54.66, where as 50DMA is at 28172 and gold is trading above the same and getting support at 28342 and below could see a test of 28264 level, And resistance is now likely to be seen at 28537, a move above could see prices testing 28654.
Trading Ideas for mcx tips free :
Gold trading range is 28264-28654.
Gold rallied to eight week highs international but rupee firmness checking the prices on MCX.
Driving the dollar lower thus gold higher, the ISM’s mfg index climbed to 54.1 in January from 53.1 in December
Greek newspaper Kathimerini reported that the head of the IMF`s mission to Athens said talks on a new loan program.
Silver prices rose by nearly 0.72% as surprisingly robust manufacturing figures out of the US, Europe and China sparked hopes that green shoots of recovery were sprouting in the global economy, which wetted an appetite for risk that sent the greenback falling and silver rising.
The ISM’s U.S. mfg index jumped to 54.1 vs 53.1 in Dec, and while slightly below some market expectations, the figure did break even further away from the 50 mark, the boundary between economic growth and contraction. The Markit Economics mfg data based on a survey of PMI in the euro region rose to 48.8 in Jan from 46.9 in Dec. Positive output figures in Germany, the UK and China emerged as well, fueling the risk-on session. Mfg figures prompted investors to sell their dollar positions and go long on stocks and currencies worldwide, thus ditching greenback positions in the process.
Since bullion often trades inversely with the dollar, the risk-on session prompted a run to the silver throughout the early portions of the day. Some market watchers warned, however, that the silver rally could cool. Now technically market is trading in the range as RSI for 18days is currently indicating 61.59, where as 50DMA is at 53970 and silver is trading above the same and getting support at 56404 and below could see a test of 55974 level, And resistance is now likely to be seen at 57216, a move above could see prices testing 57598.
Trading Ideas commodity trading tips :
Silver trading range is 55974-57598.
Silver prices rose as surprisingly robust manufacturing figures out of the U.S., Europe and China sparked hopes.
The ISM’s U.S. mfg index jumped to 54.1 vs 53.1 in Dec, and while slightly below some market expectations
Positive output figures in Germany, the UK and China emerged as well, fueling the risk-on session.
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