Silver prices remained supported as a batch of mixed data on the U. S. housing market kept up pressure on the dollar. U. S. housing starts fell to a one-and-a-half year low in September, but a jump in the construction of single-family homes pointed to underlying strength in the housing market. The Commerce Department said U. S. housing starts unexpectedly slumped 9.0% to hit 1.047 million units last month. However, single-family home building, which comprises the largest share of the residential housing market, jumped 8.1% in September, the most since February, pointing to sustained strength in the housing market. Lacklustre economic data from the US had prompted speculation the Fed will need to maintain accommodative policy – the data follows comments from Federal Reserve chair Janet Yellen highlighting the potential benefits of temporarily running a ‘high-pressure economy’ to stimulate business investment and jobs growth. China’s third quarter GDP growth came in at 6.7% year-on-year, in line with expectations and at the same level as that in the second quarter. Industrial production growth in September was, however, below expectations at 6.1% – 6.4% was called for while August’s reading was at 6.3%. Fixed asset investment in January-September increased 8.2%, which was within market expectations and slightly higher than January- August’s 8.1% growth. Retail sales growth in September was at 10.7%, which was also in line with consensus and slightly higher than the 10.6% growth registered in August. The Chinese economy remained stable in the first three quarters of this year, the National Bureau of Statistics said in a statement. Technically now Silver is getting support at 42003 and below same could see a test of 41813 level, And resistance is now likely to be seen at 42430, a move above could see prices testing 42667.

Trading Ideas:

Silver trading range for the day is 41813-42667.

Silver prices remained supported as a batch of mixed data on the U. S. housing market kept up pressure on the dollar.

The Commerce Department said U. S. housing starts unexpectedly slumped 9.0% to hit 1.047 million units last month.

Holdings at ishares silver trust gained by 0.24% i. e. 26.57 tonnes to 11294.92 tonnes from 11268.35 tonnes.