Gold Silver Reports – Silver MCX Intraday Outlook: Sell On Rise UpSide Resistance Key 39444 — Technically Silver market is under fresh selling as market has witnessed gain in open interest by 0.94% to settled at 17109 while prices down 219 rupees.
Silver MCX is getting support key at 38830 and below same could see a test of 38525 levels and resistance key is now likely to be seen at 39444, a move above could see prices testing 39780.
Silver on MCX settled down 0.56% at 39201 on profit taking and after a mild rebound in dollar. Some European Central Bank officials voiced worries about the euro’s strength.
Cleveland Federal Reserve President Loretta Mester said that her assumption the U.S. federal tax overhaul would add 0.25 to 0.5 percentage points in growth over the next two years might be too low.
The U.S. economy should grow at a good clip this year, boosted by tax cuts, two Fed officials said, though they disagreed on how close the economy is to overheating and the need for rate hikes this year. US data showed industrial production rose 0.9% in December, compared to a 0.1% dip in November, revised from a 0.2% increase, while analysts expected a 0.4% increase.
Read More: Gold Bullish Over $1344.50 and Bearish Under $1330.30, Volatility is Coming
The Capacity Utilization Rate rose to 77.9% in December from 77.2% in November, revised from 77.1%, while analysts expected 77.3%. Markets are still pricing in policy tightening chances by the European Central Bank and its Japanese counterpart in 2018, which would close some of the gap between them and the Federal Reserve.
President Donald Trump commented on the chances of closing the government in the US with no firm answer, noting that in case no deal was reached between the Democrats and the Republicans in Congress, the government would be shut from January 19. – Neal Bhai Reports
