Silver holds steady ahead of U.S. data, ECB rate decision
Investing.com
Published Nov 07, 2013 04:46AM ET
On the Comex division of the New York Mercantile Exchange, silver futures for December delivery traded at USD21.78 a troy ounce during European morning trade, up 0.1%.
Silver prices traded in a tight range between USD21.70 a troy ounce, the daily low and a session high of USD21.89 a troy ounce.
The December contract ended 0.61% higher on Wednesday to settle at USD21.76 a troy ounce.
Futures were likely to find support at USD21.10 a troy ounce, the low from October 17 and resistance at USD22.62, the high from October 31.
Market players looked ahead to the release of key U.S. economic data later in the day to help assess the timing for a reduction in the Federal Reserve’s bond-purchasing program.
The U.S. is set to release preliminary data on third quarter economic growth later in the day, while October’s highly-anticipated nonfarm payrolls report is scheduled for Friday.
Investors will also be awaiting the outcome of the ECB’s policy meeting later Thursday.
While no policy change was expected from the central bank, many investors expected the ECB to signal the possibility of further monetary policy easing at its meeting in December.
Elsewhere on the Comex, gold for December delivery dipped 0.15% to trade at USD1,315.50 a troy ounce, while copper for December added 0.05% to trade at USD3.238 a pound.
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Written By: Investing.com
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