MCX Silver Down Support at 46385 By Neal Bhai

MCX Silver Down Support at 46385 By Neal Bhai
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Gold Silver Reports — MCX Silver settled down -0.23% at 47167 as risk averse sentiment cooled expectations of easing monetary policies across the globe. Shares edged slightly lower as a downturn in crude oil curbed the enthusiasm from fresh record highs on Wall Street. While Britain’s shock vote to leave the European Union has led players to raise their bullion price forecasts again this year, after the decision shook up financial markets and sparked a rally in the precious metal to 2-year high.

Foreigners sold U.S. Treasury bonds and notes for a second straight month in May, data from the US Treasury department showed on Monday, as investors believed that the Federal Reserve would raise interest rates more than once this year. Also Bank of England policymaker Martin Weale said on Monday he was unsure whether he would back an interest rate cut at next month’s BoE meeting, in contrast to most of his colleagues who think stimulus is likely after Britain voted to leave the EU.

MCX Silver Down Support at 46385 By Neal Bhai

The ECB meets later this week against a backdrop of sharply lower government bond yields that raising pressure on the ECB to address a scarcity of bonds for its 1.7 trillion euro stimulus programme. In the week ahead, market players will be focusing on the outcome of Thursday’s ECB meeting to see if policymakers will step up monetary stimulus to counteract the negative economic shock from the Brexit vote. Technically market is getting support at 46485 and below same could see a test of 46300 level, and resistance is now likely to be seen at 47431, a move above could see prices testing 47694. — Neal Bhai Reports

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