Market Magnify Silver Market News Update

Silver on MCX settled up 1.01% at 41282 as fading expectations for near-term U.S. interest rate hikes pushed the dollar lower. The Fed raised interest rates on Wednesday last week, but stuck to its outlook for two more hikes this year, instead of three expected by the market. Prices recovered from overnight lows, as the metal benefited from a tumble in dollar for the fifth straight session, despite the U.S. current account deficit shirking by more than expected.

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Technically market is under short covering as market has witnessed drop in open interest by -3.15% to settled at 13510, now Silver is getting support at 40887 and below same could see a test of 40491 level, And resistance is now likely to be seen at 41497, a move above could see prices testing 41711. 

                      Trading Ideas

*Silver trading range for the day is 40491-41711.
*Silver gained as fading expectations for near-term U.S. interest rate hikes pushed the dollar lower.
*The Chicago Federal Reserve's president said the U.S. central bank would not rush to hike interest rates.
*The Commerce Department said, the current account deficit, which measures the difference in value between exported good, service and interest payments.