Silver On MCX Settled Down

Silver on MCX settled down -0.21% at 41008 as the dollar recovered a bit from a sell-off after President-elect Donald Trump held a freewheeling press conference. Donald Trump provided little clarity on future fiscal policies in his first press conference as U.S. president-elect. In his first press briefing as U.S. president-elect, Trump presided over a wide-ranging session that lasted longer than expected but contained no details on tax cuts and infrastructure spending. 

Also Trump's campaign calls for tax cuts and more infrastructure spending have boosted U.S. shares and the dollar, as well as driving a selloff in Treasuries, but his protectionist statements and a flurry of off-the-cuff Tweets have kept many investors from adding to risky positions. Meanwhile the dollar index, which tracks the U.S. currency against a basket of six major counterparts, was down 0.1 percent at 101.65, having hit a one-week high on Wednesday. 

Also Federal Reserve Chair Janet Yellen appears at a webcast town hall meeting with educators on Thursday. A host of Federal Reserve presidents including Philadelphia, Chicago, Atlanta, Dallas and St. Louis will also speak on a range of issues. Now trader are eyeing on Thursday data, the Labor Department's import prices report is expected to show prices rising 0.7 percent in December after falling 0.3 percent in November. 

Meanwhile, the number of Americans filing for unemployment benefits likely rose 20,000 to a seasonally adjusted 255,000 for the week ended Jan. 7. Technically market is under fresh selling as market has witnessed gain in open interest by 0.24% to settled at 13539 while prices down -88 rupee, now Silver is getting support at 40635 and below same could see a test of 40263 level, And resistance is now likely to be seen at 41314, a move above could see prices testing 41621.

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Suhani Verma

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