Gold Silver Reports – Silver MCX Buy on Dips, Support 37444 >> Technically Silver market is under short covering as market has witnessed drop in open interest by 7.28% to settled at 20597 while prices up 424 rupees.
Silver MCX Report
Silver MCX is getting support key at 37444 and below same could see a test of 37180 levels and resistance key is now likely to be seen at 38230, a move above could see prices testing 38444.
Gold-Silver on MCX settled up 1.13% at 37954 on weak U.S. economic data. US President Donald Trump urged the Republican-dominated Congress to pass a short-term spending bill to avoid government shutdown, after Congress successfully passed a $1.5 trillion tax reform bill and sent it to Trump to sign it into law.
U.S. growth prospects dimmed as data showed spending outpaced income in November and the Federal Reserve’s preferred inflation measure — the personal consumption expenditures price index that excludes food and energy – rose by just 0.1 percent in November.
New orders for key U.S.-made capital goods fell in November after four straight months of increases, but further gains in shipments suggested that business spending on equipment will probably remain robust in the fourth quarter. The Commerce Department said that orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, slipped 0.1 percent last month.
Read More: Silver Spot Above $16.10 Target $16.80—$17.30
Sales of new U.S. single-family homes unexpectedly rose in November, hitting their highest level in more than 10 years, driven by robust demand across the country. The Commerce Department said new home sales jumped 17.5 percent to a seasonally adjusted annual rate of 733,000 units last month.
That was the highest level since July 2007 and followed October’s downwardly revised sales pace of 624,000 units. New home sales surged 26.6 percent from a year ago. – Neal Bhai Reports
