Commodities trading tips for silver by Kedia commodity

Silver settled-0.54% 41533 after encouraging us economic data showing the trade gap narrowed and more signs the FED may withdraw its monetary stimulus next month. The failure of ingots in above $ 1,300 an ounce earlier in the day triggered technical sales. Bullion was under pressure after the international trade data on Monday showed likely United States economy grew faster than initially reported in the second quarter, thanks to a sharp narrowing in the trade deficit to its lowest in more than 3-1/2 years in June exports touched a record high and imports shrank. Also weighing on gold uncertainty over timing of the FED'S planned reduction of its bond purchases to boost the economy, known as quantitative easing. Silver prices will find support at $ 19.18 a Troy ounce, the lowest from 2 August and resistance at $ 20.18, high with 29 July. The ISM said its non-manufacturing PMI rose to 56.0 from three years low of 52.2 in June as new orders jumped. Investors closely watched the United States recently to assess the reporting data, if they will strengthen or weaken if the FED cut its purchases of bonds. Silver prices are on track to post a loss of nearly 34 per cent for the year, amid speculation the FED will start to unwind its bond Purchase program in the coming months. Technically the market is under long term elimination as the market experienced a decline in open interest at 0.36% and settled at the prices down-9579 227 rupiah, now get the silver support on 41279 and below could see the same test, and the resistance level 41025 currently most likely can be seen in the above step, 41968 could see prices on 42403 testing.

Trading ideas:

Silver, the trading range for the day is 41025-42403.

Silver fell after strong United States trade data saw investors reconsider expectations for when the Federal Reserve may start to taper his program acquisitions.

The Commerce Department said the trade deficit declined by 22.4% of the United States to a seasonally adjusted $ 34.2 billion in June.

The Federal Reserve Bank of Dallas President Richard Fisher said that the monetary stimulus program will not last forever.