Silver On MCX Settled Up 0.61%

Silver on MCX settled up 0.61% at 40337 as the latest ballistic missile test by North Korea supported safe-haven demand. Trading volumes were likely to remain light with U.S. markets closed Monday for Memorial Day while the U.K. is also shuttered for a public holiday. The median Fed policymaker forecast is for two more rate increases by year-end.

But a recent run of disappointing U.S. economic data combined with signs of deepening political turmoil in the White House raised doubts over the Fed's ability to raise rates as much as it would like before the end of the year. Investors appear to have shrugged off any geopolitical worries stemming from yet another missile test carried out by North Korea on Monday. North Korea fired what appeared to be a short-range ballistic missile that landed in the sea off its east coast, South Korea's military said. It was the ninth missile the hermit state has tested this year, as it faces increasing pressure from the U.S. and historical ally China over its missile testing program.

Market players are looking ahead to this week's U.S. employment report on Friday for further signs of the Federal Reserve's likely rate hike trajectory through the end of the year. Besides the monthly jobs report, this week's holiday-shortened calendar also features U.S. data on manufacturing and service sector growth, consumer confidence, auto sales, personal spending, core PCE inflation, as well as monthly trade figures.

Technically market is under short covering as market has witnessed drop in open interest by -1.11% to settled at 15467 while prices up 246 rupees, now Silver is getting support at 40169 and below same could see a test of 40001 level, And resistance is now likely to be seen at 40436, a move above could see prices testing 40535. 

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Suhani Verma

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