Silver MCX Strong Support Key Between 37300—39700

0
133

Silver Forecast tips - neal bhai reportsGold Silver Reports — Silver on MCX settled down -1.35% at 38052 adding to overnight losses after the Federal Reserve left the door open to raising interest rates in June.

The Fed concluded its two-day policy meeting Wednesday afternoon, giving a positive assessment of the U.S. economy while keeping rates unchanged, as was widely expected.

Technically now Silver is getting support at 37718 and below same could see a test of 37300 level, And resistance is now likely to be seen at 38997, a move above could see prices testing 39700.  

The U.S. central bank’s policymaking committee downplayed weak first-quarter economic growth while emphasizing the strength of the labor market, suggesting it was still on track for two more rate hikes this year. New applications for U.S. jobless benefits fell sharply last week and the number of Americans on unemployment rolls hit a 17-year low, pointing to a tightening labor market that could allow the Federal Reserve to raise interest rates next month.

New orders for U.S. manufactured goods saw a modest increase in the month of March, according to a report released by the Commerce Department. The Commerce Department said factory orders crept up by 0.2 percent in March after surging up by a revised 1.2 percent in February.

A report released by the Labor Department showed an unexpected drop in U.S. labor productivity in the first quarter along with a bigger than expected jump in unit labor costs. Expectations that centrist Emmanuel Macron will win the French presidential election on Sunday were reinforced in a TV debate with the far-right’s Marine Le Pen.

The focus is now shifting to Friday’s U.S. non-farm payrolls report for April, which could reinforce expectations of higher U.S. interest rates in June. — Neal Bhai Reports

Silver MCX Strong Support Key Between 37300—39700 | Gold Silver Reports