Gold Silver Reports (GSR) – US initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 218,000 for the week ended June 16, compared with the expected 220,000. Claims have now declined for four weeks in a row, pointing to a further tightening of the labour market.
MCX Silver Technically Outlook
Technically MCX Silver is getting support key @ ₹39400 and below same could see a test of ₹39000 levels and resistance is now likely to be seen at ₹39627, a move above could see prices testing ₹39900.
Read More: Silver Spot Below $16.25 Level No Buying @all, Only Panic-Panic-Panic – Tips Buy Neal Bhai
The 4-week moving average of initial claims, a better measure of the labour market trends as it irons out week-to-week volatility, dropped 4,000 to 221,000 last week.
The labour market is viewed as being near or at full employment, with the unemployment rate at an 18-year low of 3.8%.The manufacturing business outlook survey from the Philadelphia Federal Reserve showed a business conditions index reading of 19.9 in June, the lowest since November 2016. This compared with 34.4 in May.
In seasonally-adjusted terms, the Federal Housing Finance Agency’s (FHFA) house price index, which is based on data from home purchase mortgages bought or securitised by Fannie Mae or Freddie Mac, increased by 0.1% month on month in April, compared with the expected 0.5% and March’s 0.2% after revision. – Neal Bhai Reports