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Copper ended higher as company earnings fostered a more-positive outlook for the economy and demand for the industrial metal. Investors are feeling more comfortable taking on more risk, leading to increased interest in some industrial commodities. In another indicator of demand, inventories of copper stored in LME warehouses fell 1,975 metric tons, leaving them at 417,625.

Silver rose benefiting from some of the same optimistic industrial sentiment that carried copper higher. Silver has more industrial uses than gold, and sometimes rises on increases in the industrial metals demand outlook. Prices were also lifted by some bargain interest.

Now technically market is trading in the range as RSI for 18days is currently indicating 46.22, where as 50DMA is at 29190 and silver is trading below the same and getting support at 28648 and below could see a test of 28499 level, And resistance is now likely to be seen at 28893, a move above could see prices testing 28989.

Trading Ideas:

Silver trading range is 28499-28989.

Silver prices rose yesterday in metals demand outlook

Gold ended steady mark after a day of mixed trading in equities and currencies left markets little definitive direction. Gold on spot fell after the settlement when the U.S. Federal Reserve chairman didn't address worries about deflation in his highly anticipated comments to senators.

Now technically market is trading in the range as RSI for 18days is currently indicating 45.44, where as 50DMA is at 18584 and gold is trading below the same and getting support at 18318 and below could see a test of 18271 level, And resistance is now likely to be seen at 18405, a move above could see prices testing 18445.

Trading Ideas:

No change for yesterday’s outlook, after the Yen’s strength penetrated the lows of last December & January, we were left with no notable support protecting the 15-year low which was reached last November at 84.81! We will not be a bit surprised if this pair started to move in that direction, and tried to break that low! On the contrary, we have been expecting this for weeks now, and it was included in our reports several times. But, signs show that the possibility of a rising correction to correct the fall from Wednesday’s top 89.09 to Friday’s low 86.25 is growing.

Precisely as we have expected, the long awaited reversal has finally started. It came in a time after the Euro penetrated 1.30 and everybody was cheering for it! However, it broke the support specified in yesterday’s report at 1.2869, and successfully reached the suggested target 1.2764. The evidences we provided in yesterday’s report has triumphed for the technical analysis, over other things which favored the Euro! We have mentioned evidence of a reversal yesterday, especially: 1. No daily close above 1.2997 & 2.

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