Silver MCX Support Levels at 41100

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Silver tips — Neal Bhai Reports

Silver tips — Neal Bhai ReportsGold Silver Reports — Technically silver market is under fresh selling as market has witnessed gain in open interest by 2.68% to settled at 12019 while prices down 393 rupees.

Now MCX Silver is getting support at 41100 and below same could see a test of 40800 level, And resistance is now likely to be seen at 42000, a move above could see prices testing 42354.  

Silver prices edged lower amid fading demand despite jitters ahead of the French presidential election and ongoing geopolitical tensions over North Korea.

Polls ahead of the French vote, which begins this weekend, give both far-right and far-left candidates a chance of making it into next month’s run-off, though centrist candidate Emmanuel Macron is shown in the lead.

Dallas Federal Reserve President Robert Kaplan said on Thursday that two more interest rate hikes this year remains possible but that the U.S. central bank has the flexibility to wait and see how the economy unfolds.

The Labor Department said Thursday, initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended April 15, which was higher than analysts’ forecast of 242,000. In a separate report, the Federal Reserve Bank of Philadelphia said that the Philly Fed manufacturing index rose to a seasonally adjusted 22.0, from 32.8 in the preceding month.

Trading volumes were thin, as investors awaited the outcome of the first round of the French presidential election. According to Oddschecker, betting market probabilities of the far-right candidate Marine Le Pen or far-left candidate Melenchon making it into the second round are not insignificant at 24% and 11%, respectfully.

Official voting polls for the second round forecast that far-right candidate, Marine Le pen, would lose no matter who she is competing against, while Melenchon would only lose against centrist candidate Macron, who remained the clear favorite to emerge victorious.

Silver MCX Support Levels at 41100 | Gold Silver Reports