Silver On MCX Settled Down -0.55%

Silver on MCX settled down -0.55% at 40552 as the U.S. dollar jumped against the euro following reports that the European Central Bank is preparing to cut its inflation forecast. The ECB will cut its inflation forecast through 2019 because of weaker energy prices, according to officials familiar with the matter. 

Comey said on Wednesday that U.S. President Donald Trump asked him to drop an investigation of former national security adviser Michael Flynn as part of a probe into Russia's alleged meddling in the 2016 presidential election.British Prime Minister Theresa May faces the voters on Thursday in an election she called to strengthen her hand in looming Brexit talks, with her personal authority at stake after a campaign that saw her lead in opinion polls contract. 

The European Central Bank is likely to keep the money taps fully open at its meeting on Thursday as inflation remains below its target despite stronger economic growth in the euro zone. U.S. applications to buy a home reached their highest level in about seven years last week as mortgage rates fell to their lowest levels since late 2016, the Mortgage Bankers Association said.

Traders were also wary ahead of Britain's general election, which is also set for Thursday with expectation British Prime Minister Theresa May will win the most seats. Technically market is under long liquidation as market has witnessed drop in open interest by -1.82% to settled at 13786 while prices down -225 rupees, now Silver is getting support at 40380 and below same could see a test of 40207 level, And resistance is now likely to be seen at 40758, a move above could see prices testing 40963.

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Suhani Verma

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