Gold Silver Reports — Silver MCX Intraday Trading Zone Level 41800-42800 — Technically Silver market is getting support at 42080 and below same could see a test of 41800 level, And resistance is now likely to be seen at 42555, a move above could see prices testing 42800.
Silver on MCX settled up 0.63% at 42388 while prices are trading well above 42000 mark while sentiments turned lower after nearing the prior session’s one-month high, as the U.S. dollar, Treasury yields and stock markets extended gains.
Bullion was higher earlier on support from U.S. political and economic uncertainty and expectations of a lower dollar. Global stock markets were mostly firmer Tuesday, on corrective bounces from recent selling pressure.
Traders and investors are debating whether the recent downside pressure in stock markets is the end of the “Trump rally” that had been in place since the U.S. president was elected in November. Or, are the recent slides in stock indexes just normal corrective pullbacks in bull markets that still have more room to run?
The US dollar rallied above Monday’s four-month low against a basket of major currencies, while the 10-year Treasury yield and U.S. stock indexes extended gains. The move came as Kansas City Federal Reserve President Esther George said she needs more details on the Trump administration’s fiscal proposals.
While the Fed raised interest rates this month, boosting the dollar, which could strengthen further on expectations of further rises after comments from its policymakers.
Meanwhile, comments from Federal Reserve officials concerning interest rate hikes continued to surface as both Chicago Fed President Charles Evans and Dallas Federal Reserve Bank President Robert Kaplan on Monday, suggested that the U.S. central bank would continue on its monetary tightening cycle. — Neal Bhai Reports