Gold Silver Reports — Technically market is under short covering as market has witnessed drop in open interest by 1.39% to settled at 13655 while prices up 311 rupees.
Now MCX Silver is getting support at 40710 and below same could see a test of 40505 level, And resistance is now likely to be seen at 41100, a move above could see prices testing 41333.
Silver on MCX settled up 0.77% at 40909 as weakness in the U.S. dollar, following Wednesday’s Federal Reserve decision, provided a runway for gains.
The Fed on Wednesday lifted benchmark interest rates by a quarter-point as widely expected. The central bank’s statement and forecasts for future rate increases was seen as less aggressive than had been anticipated.
Still, some market strategists see near-term headwinds for precious metals, especially since the bullish sentiment spurred by Trump’s proposals to juice the U.S. economy through fiscal-stimulus measures haven’t entirely vanished. Although there are lingering concerns about Trump’s ability to implement his pro-business agenda, their enactment could cause the Fed to quicken its pace of rate increases.
Meanwhile, mostly upbeat U.S. economic data heaped pressure on prices as manufacturing output and consumer sentiment data topped expectations while industrial production slowed in February.
In a preliminary report, the University of Michigan said its consumer sentiment index rose to 97.6 in March from 95.7 the previous month while manufacturing output rose for a sixth straight month. Both consumer sentiment and manufacturing output topped expectations while U.S. industrial production was flat in February, compared to expectations for a 0.2% rise.
First-time claims for U.S. unemployment benefits saw a modest decrease in the week ended March 11th, according to a report released by the Labor Department. The report said initial jobless claims edged down to 241,000, a decrease of 2,000 from the previous week’s unrevised level of 243,000. — Latest Silver Mcx Reports — Neal Bhai Reports