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yesterday settled down by -0.63% at 74970 amid fears that central banks may not be done with interest-rate hikes. Data showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, touching the lowest level in two months. The U.S. Federal Reserve may pause interest rate hikes after delivering a 25-bps rate hike next week.
That said, there is speculation that the U.S. central bank may keep interest rates higher for longer to rein inflation. Besides the Fed, policy meetings of the European Central Bank and the Bank of Japan are also due in the week. The Fed will decide on monetary policy next week, with a 25bps hike in the Fed funds rate fully priced in, although investors remain divided on the need for further increases. The chances for another quarter-point rise currently stands at 17% for September and 30% for November, compared to 12% and 23% respectively the day before. Existing home sales in the US, which include completed transactions of single-family homes, townhomes, condominiums, and co-ops, fell 3.3% to a seasonally adjusted annualized rate of 4.16 million units in June of 2023, the lowest level in five months, and compared to forecasts of 4.2 million.
Technically market is under long liquidation as the market has witnessed a drop in open interest by -3.8% to settle at 18030 while prices are down -479 rupees, now Silver is getting support at 74641 and below the same could see a test of 74311 levels, and resistance is now likely to be seen at 75470, a move above could see prices testing 75969.
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