Silver On MCX Settled Down -1.73% At 40416

Silver on MCX settled down -1.73% at 40416 despite a slump in the dollar, as investors continued to favour riskier assets for the second straight day. Prices dropped as risk on sentiment continued to dominate asset flows, after recent polls pointed to an easy victory for pro-EU candidate Emmanuel Macron in the runoff vote for the French presidency, scheduled for May 7. Prices failed to capitalize on a broad based dollar selloff, as the dollar index fell for a second straight day pressured by a strong rally in the euro.Meanwhile the release of mixed U.S. economic data failed to stem the slump in prices, as new U.S. home sales rose to an eighth-month high in March while consumer confidence fell in April. The Commerce Department said new home sales jumped by 5.8 percent to an annual rate of 621,000 in March from a revised 587,000 in February. With the unexpected increase, new home sales climbed to their highest annual rate since reaching 622,000 last July. The Conference Board said its consumer confidence index fell to 120.3 in April from a revised 124.9 in March.
The decline in prices came amid a rally in U.S. treasury yields as investors’ expectations grew that the Federal Reserve was poised to increase its benchmark rate in June. According to Fed rate monitor tool, nearly 63% of traders expect the Fed to hike interest rates in June, compared to 33.7% the previous week.
Technically market is under fresh selling as market has witnessed gain in open interest by 1.67% to settled at 11952 while prices down -713 rupees, now Silver is getting support at 40140 and below same could see a test of 39864 level, And resistance is now likely to be seen at 40890, a move above could see prices testing 41364.
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Suhani Verma

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