Silver is trading volatile and still struggling to sustain above the 75500 level - Swastika Investmart
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COMMODITY OUTLOOK
DAILY COMMODITY MARKET UPDATE
NEWS IN HEADLINE
* Oil prices jump over 1% on massive U.S. inventory drawdown
* Gold futures slide below $2,000, copper sinks as dollar gains
* Oil prices rise more than 1% after sharp drop in US crude stocks
CHART OF THE DAY
SILVER: Silver is trading volatile and still struggling to sustain above the 75500 level, where it faced resistance in a strong supply zone of 76150–76200. On the downside, the 25 SMA is acting as a strong support, which is currently placed at the 73000 level. Below this, we can expect selling pressure to get momentum towards the 72500–72300 levels. On the upside, 74700 will act as a strong resistance area
OUTLOOK:
* Bullion: Day trend is indicating sideways to upside in Gold &Silver.
* Energy: Day trend is indicating uptrend in Crude oil & Natural gas
* Base metals: Day trend is indicating uptrend in all base metals.
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