Silver traded choppy and settled at 53731 and traded eyeing on ECB, BoE, and the US Federal Reserve will roll out monetary easing measures to jolt their economies, which would send gold climbing. The ECB is set to cut interest rates later today, which should also send the precious metal rising. A cooling global economy will likely prompt the Fed, ECB, BoE to take action and spur recovery. The ECB is expected to cut eurozone interest rates to a record-low 0.75% from 1.00% to spur economic activity. The BoE, meanwhile, will hold a monetary policy meeting as well and is expected to roll out fresh stimulus measures to boost the UK economy, though interest rates should hold steady at 0.50%. The Fed may roll out stimulus measures down the road should economic indicators continue to suggest the world's largest economy is threatening to slow to stall speed. Stimulus measures, such as asset purchases from banks that pump liquidity into financial systems, send gold climbing, as paper currencies weaken as a side effect, the dollar especially. On Friday, the US Bureau of Labor Statistics will release its June jobs report, and expectations that the number may disappoint further fueled expectations for monetary intervention. Now technically market is getting support at 53627 and below could see a test of 53523 level, And resistance is now likely to be seen at 53833, a move above could see prices testing 53935.
Silver trading range for the day is 53523-53935.
Silver held steady as the anticipation of a rate cut by the European Central Bank offset the impact of a stronger dollar.
Surveys showed all of Europe's biggest economies are in recession or heading there and there is little sign things will improve soon.
Adding to concerns about the health of global economy and pressure for central banks to take more accommodative stance
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