Silver On MCX Settled Up 0.91% - Ways2Capital

Silver on MCX settled up 0.91% at 38704 tracking gained from Comex Silver was up nearly 0.9 percent settled at $16.81 an ounce as the dollar weakened for a second straight day following a global cyber attack and a delay to U.S. healthcare legislation that fueled doubts about President Donald Trump's ability to pass measures expected to boost the economy.

The dollar sank to its lowest level since November while the euro hit a one-year high after European Central Bank President Mario Draghi on Tuesday appeared to hint that stimulus could be trimmed this year, though sources later said he had been misinterpreted.

While the weak greenback was seen giving support to bullion prices, rising yields on U.S. benchmark 10-year Treasury notes were seen preventing stronger gains. However, bond yields rose after Draghi's comments on ECB stimulus, limiting the appeal of non-yielding bullion. Meanwhile the gold/silver ratio that is used by investors to determine when to buy and sell precious metals closed at 75.19. The ratio essentially states that one ounce of gold is worth 75.19 ounces of silver. The ratio was as high as 76.03 last week.

Technically market is under short covering as market has witnessed drop in open interest by -18.58% to settled at 10698 while prices up 349 rupees, now Silver is getting support at 38520 and below same could see a test of 38335 level, And resistance is now likely to be seen at 38885, a move above could see prices testing 39065.

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Suhani Verma

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