Technically Silver market is under fresh buying as market has witnessed gain in open interest by 0.48% to settled at 16774 while prices up 49 rupees.
Now MCX Silver is getting support at 39082 and below same could see a test of 38941 levels and resistance is now likely to be seen at 39443, a move above could see prices testing 39663.
Silver prices advanced as the U.S. dollar slipped ahead of Wednesday’s minutes of the Federal Reserve’s December meeting and a speech by Fed Chairman Jerome Powell a day later, although an improved risk appetite limited gains for the safe-haven metal.
Precious metals traders will get a fresh update on the outlook for monetary policy from Wednesday’s December Federal Reserve meeting minutes and a speech by Fed Chairman Jerome Powell a day later. Last month, the Open Market Committee voted to increase interest rates for the fourth time in 2018 and indicated that two more rate hikes this year are likely.
While investors will be closely scrutinizing the minutes, they will probably date following remarks by Fed Chairman Jerome Powell last Friday. The US Institute for Supply Management (ISM) said its non-manufacturing index came in at 57.6 for December, compared with the expected 59. The index hit 60.7 in November.
A reading above 50 reflects expansion. China's foreign exchange (forex) reserves grew in December, following a rebound in November, according to official data. Reserves came in at $3.07 trillion at the end of December, up from $3.06 trillion in November, according to the People's Bank of China.
Economic data slated for release today include China’s trade balance for December, Germany’s industrial output for November, the eurozone business climate index and consumer confidence index for December, as well as the US wholesale inventories and durable goods orders for November.
--Silver trading range for the day is 38941-39663.
--Silver prices advanced as the U.S. dollar slipped ahead of Wednesday’s minutes of the Federal Reserve’s December meeting and a speech by Fed Chairman.
--An upbeat U.S. non-farm payrolls report showed 312,000 net new jobs were created in December, while wages rose at a brisk annual pace of 3.2 percent.
--Last month, the FOMC voted to increase interest rates for the fourth time in 2018 and indicated that two more rate hikes this year are likely.
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