Silver dropped amid hawkish comments from central banks.

yesterday settled down by -0.33% at 68083 in the wake of hawkish comments from global central banks. Central banks in Australia and Canada raised interest rates earlier this month and central banks in the U.K., Switzerland, Norway, and Turkey raised interest rates on Thursday, while the Federal Reserve has telegraphed two more interest-rate hikes later this year. Business activity growth in Europe slowed in June while U.K. retail sales logged an unexpected growth in May. British consumer confidence rose for the fifth consecutive month in June to hit a 17-month high, a closely watched survey revealed.

Atlanta Federal Reserve President Raphael Bostic said the benchmark policy rate should stay unchanged for the rest of this year and that he did not envision a rate cut until at least late 2024. “My baseline is that we should stay at this level for the rest of the year,” Bostic said. “I don’t have a rate cut in my baseline forecast for most of 2024.” The latest PMI figures showed that the US manufacturing sector contracted faster than expected in June, while services growth slowed. In the meantime, initial jobless claims have persistently surpassed market forecasts and stand at 2021 highs.

Technically market is under long liquidation as the market has witnessed a drop in open interest by -13.82% to settle at 11127 while prices are down -225 rupees, now Silver is getting support at 67433 and below same could see a test of 66782 levels, and resistance is now likely to be seen at 68817, a move above could see prices testing 69550.