MCX Silver weakens to 44691, trading range 43960-46014

Mumbai-India (Jan 27)   Silver settled down -0.49% at 44691 on profit booking despite of downbeat data from U.S. economic reports prompted investors to flock to the safe-haven precious metal. The U.S. currency registered its biggest one-day drop in three months, leaving bullion in line to post a fifth week of gains. The number of people who filed for unemployment assistance in the U.S. last week rose to 326,000, the Labor Department said, up from the previous week’s revised total of 325,000. However, the number of people filing continuing unemployment claims rose to 3.056 million up from 3.022 million in the week to January 11. A separate report showed that U.S. factory output fell to a three-month low in January, due to disruption from unseasonable cold weather. The U.S. manufacturing purchasing managers' index declined to 53.7 this month from a final reading of 55.0 in December. Analysts had expected the index to hold steady.

The number of people who filed for unemployment assistance in the U.S. last week rose to 326,000, the Labor Department said, up from the previous week’s revised total of 325,000. However, the number of people filing continuing unemployment claims rose to 3.056 million up from 3.022 million in the week to January 11. Analysts had expected continuing claims to fall to 2.930 million. A separate report showed that U.S. factory output fell to a three-month low in January, due to disruption from unseasonable cold weather.

The U.S. manufacturing purchasing managers' index declined to 53.7 this month from a final reading of 55.0 in December. Analysts had expected the index to hold steady. Now Silver is getting support at 44325 and below same could see a test of 43960 level, and resistance is now likely to be seen at 45352, a move above could see prices testing 46014.