MCX Silver is getting Support Key 39280 and below same could see a test of 38724 level, And Resistance Key is 40230, a move above could see prices testing 40480.
Silver on MCX settled up 1.95% at 39874 as investors continued to assess the impact of the latest bout of U.S. political turmoil. The metal has been supported as the dollar weakened against the euro amid political tensions in the U.S. due to the ongoing controversies involving President Donald Trump.
Prices gained last week as the furore over Trump’s alleged links to Russia and his firing of former Federal Bureau of Investigation chief James Comey raised concerns about his ability to push through promised fiscal stimulus. Dallas Fed President Robert Kaplan, a voter this year on the Fed’s policy-setting panel, said on Monday the U.S. central bank should keep raising rates before year-end, though he was not yet ready to declare victory on inflation.
U.S. Fed Board Governor Lael Brainard said that it is still a “question” for her if the U.S. economy is at full employment or if there is still slacker left in the labor market. The Chicago Fed said its gauge of U.S. economic activity strengthened in April to its highest level since late 2014, suggesting acceleration in production and hiring activity following an anemic first quarter.
Euro zone countries improved their fiscal stance, a sign of growing financial stability, the EU Commission said on Monday, but it called on France to take new action to comply with EU deficit limits and warned Italy faced “urgent” challenges. — Neal Bhai Reports