Buy Silver SEP @ 214000 SL 212000 TGT 217000-219000. MCX - Kedia Advisory
SILVER
BUY SILVER SEP @ 214000 SL 212000 TGT 217000-219000. MCX
Observations
Silver trading range for the day is 211020-222260.
Silver dropped as easing geopolitical tensions weighed on demand for safe-haven assets, offsetting support from a weaker US dollar.
COMEX silver speculators reduced their net long positions by 1,614 contracts to 8,387 contracts.
Markets are currently pricing in about a 68% chance of a 25 basis point Fed rate hike in September.
Investors also turned their focus to a packed week of US labor market data, highlighted by Friday’s closely watched monthly jobs report.
