Silver On MCX Settled Down -0.89%

Silver on MCX settled down -0.89% at 39694 despite renewed political uncertainty in the UK, after the general election resulted in a hung parliament, as UK Prime Minister Theresa May’s Conservative party failed to secure a majority in parliament. Prices failed to capitalize on renewed geopolitical uncertainty, as the UK general election resulted in a hung parliament, sparking uncertainty as to whether Brexit talks would be delayed.

With the start of Brexit talks less than two weeks away, investors fear that Theresa May’s faces a difficult start to Brexit negotiations in the wake of the general election result, as her Conservative party lost the majority in parliament it held prior to the election. The UK general election result caught investors off guard, as many had expected Theresa May to increase her majority in parliament, strengthening her position ahead of crucial Brexit talks.

Now, U.K. Prime Minister Theresa May will attempt to form a minority government, where her Conservative Party would need to rally outside support in each parliamentary vote. Wall Street is pricing in a 99.6% chance of a lift to benchmark rates in June, which would follow the European Central Bank’s decision on Thursday to keep its rates steady.

Investors also further digested Thursday’s highly anticipated Senate hearing featuring former Federal Bureau of Investigation Director James Comey, whose May 9 firing by President Donald Trump as the intelligence official probed Russia’s ties with officials in the president’s administration, has created a political firestorm.

Technically market is under fresh selling as market has witnessed gain in open interest by 5% to settled at 14539 while prices down -356 rupees, now Silver is getting support at 39520 and below same could see a test of 39345 level, And resistance is now likely to be seen at 39908, a move above could see prices testing 40121.

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Suhani Verma

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