Silver on MCX settled down 0.14% at 40682 as the dollar firmed and investors took profits after prices gained on dovish signals from the U.S. Federal Reserve and is still on course for a second week of gains. Central bankers need to act quickly and forcefully when rates are low and economic growth is slowing, Williams told.
MCX Silver Intraday support Level @ 39903 and below same could see a test of 39523 level, and resistance is now likely to be seen at 41440, a move above could see prices testing 42100.
“It’s better to take preventative measures than to wait for disaster to unfold,” he said. The number of Americans filing for unemployment benefits increased moderately last week, reflecting strong labour market conditions despite signs of slowing economic activity.
Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 216,000 for the week ended July 13, the Labor Department said. Data for the prior week was revised to show 1,000 fewer applications received than previously reported.
The four-week moving average of initial claims, considered a better measure of labour market trends as it irons out week-to-week volatility, dipped 250 to 218,750 in the week to July 13.