On MCX Settled Up 0.64% - Silver

On MCX settled up 0.64% at 38220 benefiting from risk aversion as weaker oil prices dented stocks while the dollar retreated. Prices remained on track to end higher for a second-straight session, as subdued weekly initial jobless claims data undershot expectations, helping the precious metal shrug off expectations that the Federal Reserve may hike rates later this year. The latest weekly update on initial jobless claims failed to impress market participants, showing that the number of Americans filing for unemployment benefits increased slightly last week. 

Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 241,000 for the week ended June 17, the Labor Department said on Thursday. The move higher in prices comes in the wake of a recent shift in sentiment towards safe havens, after oil prices fell to multi-month lows this week.

Theresa May offered fellow EU leaders a "fair" deal for compatriots living in Britain after Brexit, though her peers sounded skeptical and demanded more detail from a prime minister weakened by an electoral misfire two weeks ago. The European Central Bank will ignore government complaints about rising borrowing costs when it eventually tightens policy and will not help any particular country, the ECB's chief economist said, according to the German magazine Spiegel. 

Technically market is under short covering as market has witnessed drop in open interest by -3.71% to settled at 15201 while prices up 243 rupees, now Silver is getting support at 38035 and below same could see a test of 37851 level, And resistance is now likely to be seen at 38468, a move above could see prices testing 38717.

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Suhani Verma

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