Silver Prices As Edged Up The Dollar

Silver prices as edged up the dollar softened and stocks eased amid the ongoing political crisis in the United States that weakened risk appetite. New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labor market slack. Cleveland Federal Reserve Bank President Loretta Mester repeated her call for further U.S.-interest rate hikes now that the economy has reached full employment and inflation is nearing the Fed's 2-percent goal.

European Central Bank policymakers are preparing to dial back their extraordinary stimulus measures if the economy continues to improve, but that course of action is not yet certain, comments by three ECB rate setters and accounts of the latest meeting showed. The Justice Department earlier this week appointed former FBI Director Robert Mueller as a special counsel to lead a federal investigation into allegations that President Trump collaborated with Russia during the 2016 election.

President Trump remained defiant in the wake of continued allegations that members of his campaign colluded with Russia during the U.S. presidential election. Trump warned that the special counsel investigation “hurts our country” and labeled the probe “a witch hunt”. Investors have piled into safe-haven assets such as gold, as they fear that the continued political saga in Washington could dampened President’s Trump ability to deliver on his economic agenda.

Technically market is under short covering as market has witnessed drop in open interest by -3.54% to settled at 18216 while prices up 222 rupees, now Silver is getting support at 38871 and below same could see a test of 38631 level, And resistance is now likely to be seen at 39288, a move above could see prices testing 39465.

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Suhani Verma

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