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yesterday settled down by -1.36% at 68308 after Federal Reserve Chair Jerome Powell made it clear that inflationary pressures continue to run high, and the tightening has “a long way to go”. The number of Americans filing for unemployment benefits was at 264,000 on the week ending June 17th, above market expectations to match the prior week’s upwardly revised value, the highest since October 2021. The result aligned with other recent data that reflects some softening in the US labour market after a prolonged period of stubborn tightness, as US businesses start to feel the impact of the Federal Reserve’s aggressive tightening campaign.
Existing home sales in the US, which include completed transactions of single-family homes, townhomes, condominiums, and co-ops, edged 2.3% higher from the previous month to a seasonally adjusted annual rate of 4.3 million in May of 2023, surpassing market estimates of 4.25 million. The US recorded a current account gap of $219.3 billion in Q1 2023, higher than an upwardly revised $216.2 billion in Q4 2022 and forecasts a $217.5 billion deficit. It is equivalent to 3.3% of the current-dollar GDP. The secondary income gap increased to $49.6 billion from $40.7 billion, as receipts fell due to general government transfers, mainly fines and penalties while payments rose, reflecting an increase in private transfers, mainly insurance-related transfers.
Technically market is under long liquidation as the market has witnessed a drop in open interest by -8.61% to settle at 12911 while prices are down -939 rupees, now Silver is getting support at 67858 and below same could see a test of 67408 levels, and resistance is now likely to be seen at 68850, a move above could see prices testing 69392.
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