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Silver on MCX settled down -0.75% at 39594

Posted on Nov 08, 2017 by kc_admin

Silver on MCX settled down -0.75% at 39594 retreating a bit from the previous day’s rally as a stronger U.S. dollar reduced the appeal of safe-haven investments, and oil prices also dipped. The U.S. Labor Department’s latest Job Openings and Labor Turnover Survey (JOLTs) report, a measure of labor demand, showed job openings in September improved to about 6.1 million, beating expectations of 6.091 million. The bullish data on job openings came as investor optimism on tax reform edge higher after Republic lawmakers began on Monday revising their proposed overhaul of the U.S. tax system. The Washington Post, citing unidentified sources, reported on Tuesday that Senate Republican leaders are considering a one-year delay in the implementation of a corporate tax cut to comply with Senate rules. Republicans in the U.S. House of Representatives forged ahead with legislation to reshape the U.S. tax code, while a top credit-ratings agency said the bill would balloon the budget deficit and give only a temporary boost to the economy. U.S. President Donald Trump on Tuesday warned North Korea he was prepared to use the full range of U.S. military power to stop any attack, but in a more conciliatory appeal than ever before he urged Pyongyang to “make a deal” to end the nuclear standoff.  The European Central Bank sought to defuse a conflict with European and Italian authorities over its plans for ridding euro zone banks of bad loans, opening the door to working with other institutions and tailoring its approach to each bank. Technically now Silver is getting support at 39414 and below same could see a test of 39234 level, And resistance is now likely to be seen at 39904, a move above could see prices testing 40214.

Trading Ideas:

#             Silver trading range for the day is 39234-40214.

#             Silver prices fell retreating a bit from the previous day’s rally as a stronger U.S. dollar reduced the appeal of safe-haven investments, and oil prices also dipped.

#             The U.S. Labor Department’s latest JOLTs report, showed job openings in September improved to about 6.1 million, beating expectations of 6.091 million.

#             The European Central Bank sought to defuse a conflict with European and Italian authorities over its plans for ridding euro zone banks of bad loans