yesterday it fell -1.57% to 61307 as the dollar found support in renewed interest rate hike expectations. Pressure is also being seen after hawkish comments from Fed Chairman Jerome Powell pushing US Treasury yields higher, particularly at the short end of the curve. In his testimony to the Senate Banking Committee, Powell said the description of the term “transient” for inflation was no longer appropriate and signaled a discussion of a faster reduction in bond purchases when the Fed meets. this month. The US ISM Manufacturing PMI edged up to 61.1 in November 2021, from 60.8 the month before and broadly in line with the market consensus of 61.0.
The latest reading indicated an expansion of the manufacturing sector for the 18th consecutive month after a contraction in April 2020, even as factories continued to fight raw material shortages linked to the pandemic. Private companies in the United States hired 534,000 workers in November, up from an increase of 570,000 in October and expectations of an increase of 525,000, as the labor market continued to show signs of a solid recovery in a context of ongoing economic rebound. The service sector created 424,000 jobs, led by leisure and hospitality and professional and business, while the goods-producing sector added 110,000 jobs.
Technically the market is under further sales as the market saw an open interest gain of 22.93% to settle at 12,763 while prices fell by -980 rupees, now silver is getting support at 60770 and below it could see a test of 60234 levels and resistance is now likely to be seen at 62257, a move above could see price testing 63208.
# The silver trading range for the day is 60234-63208.
# Silver fell as the dollar found support in renewed expectations of higher interest rates.
# Pressure also seen after hawkish comments from Fed Chairman Powell pushing US Treasury yields higher, particularly on the short end of the curve.
# Federal Reserve Chairman Jerome Powell said asset purchases may need to be cut more quickly to fight rising inflation.