Silver settled down
-2.14% at 34652 continued their three-day losing streak despite a rebound in US
stock markets following "Black Monday." Earlier this month Comex
Silver price reached an August high of $15.59 as support seen on news that the FOMC
would likely avoid hiking interest rates next month. Since then, Silver prices
have fallen as U.S. and Chinese stock markets reel from their largest sell-offs
in years. Yesterday bullion extended losses after data showed US CCI hit a
seven-month high in August. This suggested underlying strength in the economy
that could still allow the Fed to raise interest rates this year.
Silver
trading range for the day is 33885-35825.
Silver
prices tumbled sharply continued their three-day losing streak despite a
rebound in US stock markets following "Black Monday."
The
Conference Board said its index of consumer confidence jumped to 101.5 this
month from a reading of 91.0 in July.
The
People's Bank of China cut interest rates by 25 basis points to 4.6%, the bank
also cut the reserve requirement ratio for large lenders by 0.5% to 18.0%.
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Sell GOLD Oct below 26660 TGT 26610 & 26555 SL 26709.
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