Silver On MCX Settled Down -1.38% At 39858

Silver on MCX settled down -1.38% at 39858 as investors dumped safe-haven assets amid reduced concerns over the French presidential elections. Prices remained under pressure weighed by a shift in sentiment towards riskier assets, as investors digested bullish comments from U.S. Treasury Secretary Steven Mnuchin and awaited a tax reform update from President Donald Trump. Treasury Secretary Steven Mnuchin confirmed Monday, that the tax reform plan would cut the business tax rate to 15 percent.

Mnuchin’s comments came ahead of an eagerly awaited update from President Donald Trump on his tax reform plan. Prices have been under pressure since pro-EU candidate Emmanuel Macron won the first round of the French presidential election. Recent polls predict an easy victory for Emmanuel Macron in the runoff vote for the French presidency, scheduled for May 7.

The European Central Bank is set to keep its ultra-easy policy stance firmly in place on Thursday but may acknowledge better growth prospects, setting the stage for a small signal as early as June about an eventual reduction of stimulus. The Bank of Japan is set to keep monetary policy steady on Thursday and signal its conviction the country's economic recovery is gaining momentum, taking heart from renewed optimism over the global economy as political concerns in France ebb. The Trump administration said on Wednesday it aimed to push North Korea into dismantling its nuclear and missile programs through tougher international sanctions and diplomatic pressure, and remained open to negotiations to bring this about.

Technically market is under long liquidation as market has witnessed drop in open interest by -12.07% to settled at 10509, now Silver is getting support at 39613 and below same could see a test of 39367 level, And resistance is now likely to be seen at 40240, a move above could see prices testing 40621. 

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Suhani Verma

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