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With the Jackson Hole speech on economic policy by Ben Bernanke around the corner, precious metals gold and silver are expected to trade firm for the day. Gold prices were slightly bearish in the initial trading hours with LTP to the tune of 30797 on India's MCX at 10.19 am IST. Silver was trading at 56768.
Precious metals ended flat on Thursday as weakness in other financial markets prompted bullion investors to hold their bets ahead of a speech by U.S. Federal Reserve Chairman Ben Bernanke today which investors will watch for clues to monetary policy. In the last eight sessions, gold has gained 3
percent on expectations that Bernanke's speech will signal easier monetary policy is on the way. Precious metals might come under pressure if Bernanke does not signal imminent easing. This (rally) may mean that the risk for precious metals is to the downside if the Fed Chairman today does not
signal clearly or loudly enough that further monetary easing is likely on the way.
Silver futures prices have hardly seen in any change today morning. Asian equities drifted lower as we expect the Jackson Hole meet could prove to be a non event. Moreover, Japan retail sales fell unexpectedly which may also create pressure on the metal. Euro although is trading at a slight higher note we expect it to come down slowly the Spanish Prime minister delayed for seeking bailout for Spain while its regions are continuously urging for aids. And in evening, all eyes will be on the Jackson Hole Symposium wherein we expect no easing and hence market anxiety can be observed.
Hence, we recommend staying short for silver from higher level.
FOR SILVER LEVELS AND TIPS FILL THE YELLOW FORM---->>
