Gold Silver Reports – Technically Silver market is under fresh selling as market has witnessed gain in open interest by 4.42% to settled at 22230 while prices down 408 rupees.
Silver MCX is getting support key at 36720 and below same could see a test of 36335 levels and resistance key is now likely to be seen at 37444, a move above could see prices testing 37820.
Silver on MCX settled down -1.09% at 37036 pressured by continued dollar strength on the back of investor optimism over the progress of US tax reform. Prices continued to come under pressure, heading for a third-straight day of losses as tax reform optimism continued to support an uptick in the dollar, reducing investor demand for the precious metal.
Also weighing on the prices was ongoing expectations that the U.S. Federal Reserve will raise interest rates for third time this year at the conclusion of its next meeting on Dec.13. U.S. Senate Republicans agreed on Wednesday to talks with the House of Representatives on tax legislation, raising hopes that both chambers would be able to reconcile their differences on a tax bill ahead of the Dec. 22 deadline.
A day ahead of the release of the closely watched monthly jobs report, the Labor Department released a report unexpectedly showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended December 2nd. The report said initial jobless claims edged down to 236,000, a decrease of 2,000 from the previous week’s unrevised level of 238,000.
The less volatile four-week moving average also dipped to 241,500, a decrease of 750 from the previous week’s unrevised average of 242,250. Investors await Friday’s nonfarm payrolls report for further clues on employment ahead of the Federal Reserve’s two-day meeting next week that ends with a statement on monetary policy Wednesday. – Neal Bhai Reports