Silver futures gained Tuesday settled up by 1.12% at 53193 as a weaker dollar and bargain-basement prices enticed investors back to precious metals.
Silver overcame early weakness to settle higher as well, on positive Chinese data and some aspects of U.S. data helped copper and other base metals, while disappointing auto sales hurt palladium and platinum.
The dollar index traded at 74.322 from 74.501, Euro-zone leaders are expected to meet and express support of Greece, vowing to secure the stability of the single currency. Investors earlier contended with positive macroeconomic data from China.
The country’s inflation accelerated within expectations, and industrial production and retail sales posted strong gains. Read more on China data. In the U.S., wholesale prices rose 0.2% in May, the slowest pace in 10 months, as the cost of food fell and the increase in energy prices tapered off, the Labor Department reported Tuesday.
Now technically market is trading in the range as RSI for 18days is currently indicating 40.45, where as 50DMA is at 58660.16 and silver is trading below the same and getting support at 52251 and below could see a test of 51308 level, And resistance is now likely to be seen at 53718, a move above could see prices testing 54242.
