Silver On MCX Settled Up 0.44%

On MCX settled up 0.44% at 40453 rose after hitting a more than one-month high support seen since Friday after disappointing US non-farm payrolls data weighed on the dollar and lowered some expectations for more aggressive U.S. interest rate increases this year. Data showed that U.S. job growth slowed in May and employment gains in the prior two months were not as strong as previously reported, suggesting the labor market was losing momentum.

Silver also got support on the back of fresh geopolitical tensions in the Middle East, after Saudi, Bahrain and Egypt severed ties with Qatar on Monday, accusing it of supporting terrorism. Gains in bullion, however, were short-lived, as the bullion failed to capitalize on the release of mostly downbeat U.S. economic data, which added to concerns of a slowdown in the U.S economy. Whle bullion is expected to remain supported during the week, as market participants will contend with a raft of risk events that could rattle markets.

On Thursday, the UK heads to the polls in the general election, whose outcome has become much less certain of late, after the latest opinion poll predicted that the Conservatives may fall short of the required number of seats for a majority. 

Meanwhile in Washington on Thursday, former FBI director James Comey is due to testify before the Senate Intelligence Committee about Russia’s alleged involvement in the US election and President Trump’s alleged attempt to halt an investigation into former national security advisor Michael Flynn. Technically market is getting support at 40284 and below same could see a test of 40115 level, And resistance is now likely to be seen at 40621, a move above could see prices testing 40789.

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Suhani Verma

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