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.
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.
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