Neal Bhai MFA Technical Analyst – MCX Silver Tips Below 40100 Only Sell, Silver MCX Trading Zone 39200-40100 – U.S. retail sales increased marginally in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter. Federal Reserve Chair Jerome Powell’s top deputies are edging toward a clash that could shape the pace of interest-rate hikes in coming months, as well as how the Fed should prepare for and combat the next economic downturn.
Technically MCX Silver Price Support Key @39480 and below same could see a test of 39260 levels and resistance is now likely to be seen at 40220, a move above could see prices testing 40444.
Bank of England Deputy Governor Ben Broadbent said in an interview on Tuesday with the Telegraph that the central bank will not “spoon feed” markets with meeting-by-meeting interest rate hikes. Meanwhile from Geopolitical front, North Korea canceled a meeting with South Korea which was scheduled for today, Wednesday.
North Korea says that the ongoing military drills by South Korea and the US are a “provocation and a preparation for invasion”. Additionally, South Korea is threatening to cancel the meeting with US President Donald Trump scheduled on June 12 in Singapore. Gold had a mild boost after this News. – Gold Silver Reports (GSR)
