MCX SILVER MCX Silver traded in a range bound manner on Wednesday after four consecutive days of rally. It maintained safe-haven investments status, as the extent of harm from the coronavirus became more apparent following depressing data from major economies and hopefulness about a potential vaccine disappeared. The optimism from early data for a vaccine faltered after a medical news website reported it was insufficient. U.S. homebuilding dropped by the most on record in April and permits for future construction tumbled, leading to fears the pandemic would lead to the deepest economic contraction in the second quarter since the Great Depression. Japan, business confidence collapsed in May, hitting decade lows as firms braced for a protracted period of economic weakness. The Federal Open Market Committee's April 28-29 policy meeting minutes. Federal Reserve Chairman Jerome Powell said the Fed was looking at extending access to the credit facilities to additional borrowers, including states with smaller populations. The Fed does in the next few months will be pretty important, and certainly Powell did indicate that the rates would remain near zero for foreseeable future.
MCX Silver opened on the gap up note at 48,970 and traded flat to positive as it managed to close above 49,000 marks on Wednesday. During the session, it made a high of 49,499 and it made a low of 48,411 for the day. As per Bollinger band on the daily chart Silver close above its upper standard deviation line and RSI was at 78.62 which indicates positivity in the Silver prices. Today MCX Silver can trade with the positive biasedness.