Silver settled down -1.24% at 41534 after data showed that manufacturing activity in the U.S. expanded at a faster rate than expected in April. The Federal Reserve decided to taper its monthly bond-buying program by $10 billion for the fourth consecutive meeting on Wednesday, in a widely expected decision.
The U.S. central bank acknowledged that first quarter growth was far weaker than expected, but added that momentum had started to pick up in recent weeks. The Institute for Supply Management said its index of purchasing managers rose to 54.9 last month from a reading of 53.7 in March.
The upbeat data came after the Commerce Department reported that U.S. personal spending rose 0.9% in March, up from an upwardly revised 0.5% the previous month and ahead of expectations of 0.6%.Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.
The report also showed personal income rose 0.5%, beating expectations for a 0.4% increase and after gaining 0.4% in February. At the same time, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits increased by 14,000 to a seasonally adjusted 344,000 last week.
Investors now looked ahead to Friday’s closely-watched U.S. jobs report for April, which was expected to indicate that the recovery in the labor market is continuing. Data released earlier showed that China’s official manufacturing purchasing managers’ index inched up to 50.4 in April, just below an expectation of 50.5, and higher than the 50.3 reported last month.
Technically now Silver is getting support at 41164 and below same could see a test of 40794 level, and resistance is now likely to be seen at 41940, a move above could see prices testing 42346.
Trading Ideas:
--Silver trading range for the day is 40794-42346.
--Silver dropped following Fed’s decision to taper its monthly bond-buying program by $10 billion for the fourth consecutive meeting.
--Data showed that the U.S. economy grew at an annual rate of 0.1% in the first three months of the year.
--Holdings at ishares silver trust gainen by 1.29% i.e. 131.50 tonnes to 10309.67 tonnes from 10178.17 tonnes.
www.punjiniveshonline.com
www.punjiniveshonline.com
The U.S. central bank acknowledged that first quarter growth was far weaker than expected, but added that momentum had started to pick up in recent weeks. The Institute for Supply Management said its index of purchasing managers rose to 54.9 last month from a reading of 53.7 in March.
The upbeat data came after the Commerce Department reported that U.S. personal spending rose 0.9% in March, up from an upwardly revised 0.5% the previous month and ahead of expectations of 0.6%.Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.
The report also showed personal income rose 0.5%, beating expectations for a 0.4% increase and after gaining 0.4% in February. At the same time, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits increased by 14,000 to a seasonally adjusted 344,000 last week.
Investors now looked ahead to Friday’s closely-watched U.S. jobs report for April, which was expected to indicate that the recovery in the labor market is continuing. Data released earlier showed that China’s official manufacturing purchasing managers’ index inched up to 50.4 in April, just below an expectation of 50.5, and higher than the 50.3 reported last month.
Technically now Silver is getting support at 41164 and below same could see a test of 40794 level, and resistance is now likely to be seen at 41940, a move above could see prices testing 42346.
Trading Ideas:
--Silver trading range for the day is 40794-42346.
--Silver dropped following Fed’s decision to taper its monthly bond-buying program by $10 billion for the fourth consecutive meeting.
--Data showed that the U.S. economy grew at an annual rate of 0.1% in the first three months of the year.
--Holdings at ishares silver trust gainen by 1.29% i.e. 131.50 tonnes to 10309.67 tonnes from 10178.17 tonnes.
www.punjiniveshonline.com
www.punjiniveshonline.com
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