Silver MCX Under Selling Support and Hope at 39800

Gold Silver Reports — Technically Silver market is under fresh selling as market has witnessed gain in open interest by 1.89% to settled at 13781 while prices down 110 rupees.

Now MCX Silver is getting support at 40100 and below same could see a test of 39800 level, And resistance is now likely to be seen at 40720, a move above could see prices testing 40980.

Silver on MCX settled down -0.27% at 40418 as the possibility of a U.S. rate hike later this week weighed on prices. Fed policymakers on Tuesday gather for a two-day meeting that is expected to end with the central bank raising interest rates for the second time in three months. Investors are also focusing on Wednesday’s Dutch elections.

The chance of a eurosceptic party coming to power in the Netherlands is seen as small, but a strong election performance could fuel speculation of a surprise result in French presidential elections in April and May. British Prime Minister Theresa May has won the right to launch divorce proceedings with the European Union and begin two years of talks that will shape the future of Britain and Europe.

Investors braced for a fresh round of political uncertainty from Europe ahead of the Dutch parliamentary election on Wednesday. Reinforcing expectations of an interest rate hike by Fed, the report showed stronger than expected job growth in the month of February.

Reinforcing expectations of an interest rate hike by the Federal Reserve next week, the Labor Department released a report showing stronger than expected job growth in the month of February. The Labor Department said non-farm payroll employment jumped by 235,000 jobs in February after surging up by a revised 238,000 jobs in January. — Neal Bhai Reports

Silver MCX Under Selling Support and Hope at 39800 — Neal Bhai Reports

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