Silver Prices Rose Prior To US Jobs Data That Might Affect Fed\\'s Monetary Policy

yesterday settled up by 0.27% at 61984 ahead of the U.S. jobs data that could influence the Federal Reserve\\'s monetary policy path. The number of Americans filing new claims for unemployment benefits increased more than expected last week, but the underlying trend remained consistent with a tight labor market. Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, the Labor Department said. Claims had remained below 200,000 for seven straight weeks, indicating that high-profile job cuts in the technology sector had not had a material impact on the labor market.

Fed Chair Jerome Powell reaffirmed his message of higher and potentially faster interest rate hikes but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank\\'s policy meeting in two weeks. Market participants are currently pricing in a 50-basis-point hike at the U.S. central bank\\'s March 21-22 policy meeting. The ADP (NASDAQ:) National Employment report showed U.S. private payrolls increased more than expected last month. Separate data showed U.S. job openings fell in January.

Technically market is under short covering as the market has witnessed a drop in open interest by -2.17% to settle at 17725 while prices are up 167 rupees, now Silver is getting support at 61526 and below the same and could see a test of 61068 levels, and resistance is now likely to be seen at 62416, a move above could see prices testing 62848.

Trading Ideas:

# Silver trading range for the day is 61068-62848.

# Silver prices edged up ahead of the U.S. jobs data that could influence the Federal Reserve\\'s monetary policy path.

# US weekly jobless claims rise more than expected

# Fed Chair Jerome Powell reaffirmed his message of higher and potentially faster interest rate hikes.