MCX SILVER NEWS : 13.01.2017
Silver on MCX settled down -0.36% at 40859 in last minutes trade while earlier in the session prices gained as the dollar fell after U.S. President-elect Donald Trump's long-awaited news conference gave few details on economic policy. Yesterday Federal Reserve Chair Janet Yellen did not comment on the outlook for the U.S. economy or monetary policy in remarks to teachers, saying improving U.S. education could help raise living standards. Also several Fed officials on Thursday cautioned that the fiscal and tax plans sketched out by the incoming Trump administration could spur a short-term economic boost that would result in longer-run inflation and debt problems. In an array of appearances Fed regional bank presidents agreed in principle that the policies likely to be pursued by President-elect Donald Trump will raise economic growth - through direct spending, the consumption and investment spurred by tax cuts, and the boost to business from lighter regulation. While from data point yesterday the number of Americans filing for unemployment benefits rose less than expected last week, pointing to a tightening labour market that is starting to spur faster wage growth. Also support seen as dollar dropped after first press briefing as U.S. president-elect while Trump failed to give details on some of his economic policies, particularly deregulation, lower corporate taxes and fiscal stimulus, disappointing the dollar bulls. The U.S. dollar index fell to a one-month low of 100.70 in early trade. Technically market is getting support at 40649 and below same could see a test of 40438 level, And resistance is now likely to be seen at 41192, a move above could see prices testing 41524.
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