MCX Silver Below 38270 Under Fresh Selling Support Key 37800

Gold Silver Reports (GSR) – 💗💗💗💗💗Technically Silver market is under fresh selling as market has witnessed gain in open interest by 5.44% to settled at 22806 while prices down 229 rupees.

GOLD & SILVER BUY KARNA MANA HAI

MCX Silver is getting support key at 37800 and below same could see a test of 37440 levels and resistance key is now likely to be seen at 38777, a move above could see prices testing 38980.  

Silver on MCX settled down 0.59% at 38358 as the dollar strengthen amid expectations that the Federal Reserve will hikes rates next week for the first time this year. Investors remained wary of buying the dips in the precious metal ahead of the Federal Reserve’s two-day meeting which gets underway March 20.

US data showed housing starts fell 7% in February to 1.236 million units, compared to January’s 9.7% rise to 1.329 million, while expected a 2.7% drop to 1.290 million.

Building permits fell 5.7% to 1.298 million, compared to a 7.4% rise to 1.396 million in January, missing expectations of a 3.8% drop to 1.325 million, while industrial production rose 1.1% in February, compared to a 0.3% dip in February, revised from a 0.1% fall.

According to Fed rate monitor, traders see a 93% chance the Federal Reserve will hike rates by 0.25% to a range of 1.50% to 1.75% on March 21. While many believe that the Federal Reserve March rate hike has been priced in, the central’s bank’s rate-hike projections or so-called dot-plots – illustrating where individual FOMC members believe rates are heading – are expected to be shifted upward, pointing to a faster pace of rate hikes.

The Federal Open Market Committee will meet on March 20-21 under Powell for the first time, with policymakers expected to release three-year forecasts for inflation, growth, unemployment, and interest rates. – Neal Bhai Reports (NBR) INDIA

Updated 12:09PM