Gold Silver Reports – Technically Silver market is under fresh selling as market has witnessed gain in open interest by 4.19% to settled at 18737 while prices down 279 rupees.
Silver MCX is getting support kay at 37800 and below same could see a test of 37538 levels and resistance key is now likely to be seen at 38444, a move above could see prices testing 38720.
Silver on MCX settled down -0.73% at 38167 settled lower in yesterday’s session as the dollar index gained ground, following an array of data from the US, the world’s largest economy.
Earlier in the day US data showed factory orders fell 0.1% in October, beating expectations of a 0.3% decline, and compared to September 1.7% rise, revised higher from 1.4%. While Senate Republicans on Saturday approved a rewrite of the U.S. tax code, stoking optimism over President Donald Trump’s stimulus plans.
Senate Republicans narrowly approved sweeping changes that would cut corporate taxes and provide temporary relief for most Americans. This mitigated risk concerns after markets were spooked by news that former National Security Adviser Michael Flynn pleaded guilty Friday to lying to FBI agents and was cooperating with an investigation into possible Russian interference in U.S elections.
Now in the week ahead, investors will be continuing to focus on U.S. political developments. Economic data will also be in the spotlight, with market watchers looking ahead to Friday’s U.S. nonfarm payrolls report for November. Interest rate reviews in Australia and Canada will also be closely watched. – Neal Bhai Reports