Silver heading to 16.75 in coming week untill holds above 15.60.
Last trading day Spot silver prices rose 1 percent to close at $15.9 per ounce in line with rise in gold prices and bargain hunting at lower levels while the trade tensions continue to bother investor’s sentiment..
U.S. consumer prices barely rose in June, but the underlying trend kept pointing to a steady build-up of inflation pressures that could keep the Fed on a path of gradual interest rate increases. Fed Chairman Jerome Powell said he believes the U.S. economy remains in a "good place," with recent government tax and spending programs likely to boost gross domestic product for perhaps three years.
Silver trading at 15.80, made a low at 16.75 and holding strong support at 15.60, Day chart showing a double bottom formation at 15.75 which could reverse from the current levels to upside 16.10 and 16.40 also a strong resistance, a break can rise sharply till 16.50 or 200MA. We strongly suggest a buying in this counter for the coming trading days and next week.
The information, analysis and estimates Contained herein are based on BSH Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents BSH Research opinion and is meant for general information only. BSH Research, its directors, officers or employees shall not in any way be responsible for the contents stated herein BSH Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities. BSH Research, its affiliates and their employees may from time to time hold positions in securities referred to herein. BSH Research or its affiliates may from time to time solicit from or perform investment banking or other services for any company mentioned in this document.
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