Now MCX Silver is getting support at 41610 and below same could see a test of 41470 level, And resistance is now likely to be seen at 42110, a move above could see prices testing 42334.
Silver on MCX settled down -0.69% at 41898 as demand for the precious metal eased, after the dollar bounced off session lows, despite ongoing geopolitical tensions over North Korea. A run of disappointing U.S. economic data and doubts the Trump administration will progress with tax cuts have quelled expectations of faster inflation.
The Federal Reserve’s Beige Book observed all twelve Fed districts were equally split between modest and moderate economic growth in the past few months. On the labor market, “a larger number of firms mentioned high turnover rates and more difficulty retaining workers.”
Modest wage pressures broadened during the most recent survey period. U.S. Vice President Mike Pence said on Wednesday that Washington would work with its allies and China to put economic and diplomatic pressure on North Korea but added that the United States would defeat any attack with an “overwhelming response”.
Prospects for the euro zone economy have improved but the time to withdraw support has not yet come, three European Central Bank rate setters said on Wednesday, days before a tense French presidential election and the ECB’s own policy meeting.
Global economic growth is strengthening, thanks to a long-awaited cyclical recovery in investment, manufacturing, and trade, though downside risks remain, the International Monetary Fund said in a report released Tuesday. World economic growth is set to improve to 3.5 percent this year from 3.1 percent in 2016, the Washington-based lender said in its latest World Economic Outlook report. — Neal Bhai Reports