MARKET OUTLOOK OF COMMODITY 01 FEB 2016

“SELL SILVER BELOW 34840 TG 34750,34650 SL 35080”

Silver was up 0.4 percent at $14.28 an ounce.

Outlook : We expect silver prices to trade negative on the back of profit booking after sharp up-move in prices. Silver prices are also trading firm after China’s manufacturing data. The semi-official manufacturing PMI for January reached 49.4, missing the 49.6 level seen and remaining in contraction and the Caixin Manufacturing PMI index came in at 48.4, a bit above the expected 48.0. As well, Japan reports its manufacturing PMI, with a 52.4 level seen. The non-manufacturing PMI in China hit 53.5, down from 54.4 the previous month. For the day we expect a range bound session in silver.

Technical Outlook: Silver Mar

S2 S1 34200 34500

Close 34750

R1 R2  34900 35200