MCX SILVER It was the fourth consecutive session on which MCX Silver soared more than 2.50%, supported by Sino-U.S. trade tensions and global stimulus although hopeful early-stage data for a potential COVID-19 vaccine encouraged some risk appetite, keeping prices above the 48,700 marks. Even though the newsflash on a possible coronavirus vaccine igniting an excitement in the equity markets, yellow metal will persist very well bid due to the unreasonably massive Federal Reserve balance sheet. On Monday, US stocks and oil surged after drug maker Moderna said its COVID-19 trial vaccine showed promising results in an early-stage trial. Reserve Chairman Jerome Powell said a U.S. economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine. Bank of England is also observing more instantly at options such as negative interest rates as the economy slides into a deep coronavirus slump, according to its chief economist. Japan, meanwhile, confirmed that the world's third-largest economy slipped into recession in the first quarter.
MCX Silver opened on the gap up note at 47,799 and soared more than 2% as it managed to close above 48,900 marks on Tuesday. During the session, it made a high of 49,000 and it made a low of 47,340 for the day. As per Bollinger band on the hourly chart Silver managed to close near its upper standard deviation line and RSI was at 71.56 which indicates positivity in the Silver prices. Today MCX Silver can trade with the positive biasedness.