Gold Silver Reports — Technically Silver market is under fresh buying and getting support Key level at 37700 and below same could see a test of 37510 level, And resistance is now likely to be seen at 38280, a move above could see prices testing 38657.
Silver MCX settled up 0.43% at 37952 recovered on low level of buying although the outlook remains clouded by uncertainty amid relatively subdued demand for precious metals. Silver has lost its shine over the past three weeks.
Since Comex Silver peaking above $18.50 in mid-April, the commodity has slumped more than 12%. Support was expected to see in yesterday’s session but amid muted reaction to President Trump’s firing of FBI Director James Comey prices recovered but with slow pace. In a rare move, the White House removed the head of the FBI.
Critics say the dismissal is related to Comey’s investigation of Trump’s ties with Russia, but the president says Comey was doing a “poor job.” >From Data side yesterday Import prices in the U.S. rose by more than expected in the month of April, according to a report released by the Labor Department on Wednesday, with the increase partly reflecting a rebound in prices for fuel imports.
The Labor Department said import prices climbed by 0.5 percent in April after a revised 0.1 percent uptick in March. Boston Fed President Eric Rosengren said the Fed should re-think its forecast for only two more interest rates this year.
Earlier this week, several Fed officials signalled that the U.S. central bank would continue on its stated interest rate path of three total rate hikes for 2017. Kaplan said that three total rate hikes in 2017, is the “baseline scenario” but insisted that the Federal Reserve would continue to monitor changes in economic activity, which could pave the way for a more hawkish or dovish approach to future rate hikes. — Neal Bhai Reports