It was amazing to see Silver move yesterday....
After taking an open position is silver my heart skipped a beat yesterday... seeing the prices fall by more than 3%.
Yesterday the the trade pattern in Silver was pretty much like this from morning 9am-6pm...not much movement..Dhanteras demand was there at the jeweler but it did not give much rally as the F&O guys were worried about US economic data and the fed involvement in stimulating economy... so they were waiting for that move.. as soon as the US data trickled in by 8 PM the markets cracked and June futures from 37890 fell to 36660.
The reason i got from the press releases were "Gold and silver prices fell about 2% due to heavy liquidation in New York metals futures, ahead of an expected announcement on monetary policy from the Federal Reserve".
The reason i got from the press releases were "Gold and silver prices fell about 2% due to heavy liquidation in New York metals futures, ahead of an expected announcement on monetary policy from the Federal Reserve".
It again recovered...though which can can be seen from the chart... the recovery was sharp and quick... which i guess was due to heavy bargain hunting or due to the lack of conviction in the fed stimulus program.
Again looking at the economic scenario(US) i am still recommending and strongly sticking to my buy on SILVER.
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