28 January 2016


 “BUY SILVER AROUND 35200 TG 35500,35800 SL 35000”
Precious metals turned positive and rose to a 12-week high on Wednesday, after the U.S. Federal Reserve said it was "closely monitoring" global economic and financial developments, and held interest rates steady as expected. Precious metals are trading higher on COMEX today. We expect prices to trade higher for the day, after the U.S. Federal Reserve acknowledged a challenging global economy but signalled it was unlikely to be deterred from raising interest rates this year. Silver turned up 0.3 percent to $14.54 an ounce. We expect silver prices to trade positive on the back US FOMC statements. Silver prices rallied on MCX to catch up the previous session’s gains of COMEX however not built any further gains could post the initial gains.
In the data ,US new home sales at 544,000 were better than forecast while China’s industrial profits in December had declined by 4.7 percent, while those for the entire 2015, fell 2.3 percent, triggering fresh concerns about China’s economic health.
·    Holdings of the largest silverbacked exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 9662.41 tonnes, remain unchanged from previous business day.
Technical Outlook : Silver
S2 S1 34700 35000
Close 35296
R1 R2 35400 35600

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