Silver on MCX settled down -1.26% at 41193 as the U. S. dollar pushed higher and stocks around the world extended their recent rally, dimming the metal’s safe-haven appeal. After reporting an unexpected drop in first-time claims for U. S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing a rebound in initial jobless claims in the week ended January 21st. The report said initial jobless claims climbed to 259,000, an increase of 22,000 from the previous week's revised level of 237,000. Meanwhile, the Labor Department said the less volatile four-week moving average edged down to 245,500, a decrease of 2,000 from the previous week's revised average of 247,500. Trump signed executive orders on immigration on Wednesday, including one of border security and the intent to build a wall along the U. S.-Mexico border. The president is also planning 'extreme vetting' of visa applications and a temporary ban on virtually all refugee admissions into the U. S. as early as Thursday. That comes after the president signed to formally withdraw the U. S. from the Trans-Pacific Partnership trade deal and vowed to renegotiate the North American Free Trade Agreement (NAFTA) with leaders of Canada and Mexico. Market players will continue to focus on Trump for further details on his promises of tax reform, infrastructure spending and deregulation, as well as insight regarding policies on China and the domestic economy. Technically market is under long liquidation as market has witnessed drop in open interest by -2.55% to settled at 12771 while prices down -525 rupees, now Silver is getting support at 40838 and below same could see a test of 40484 level, And resistance is now likely to be seen at 41568, a move above could see prices testing 41944.

Trading Ideas

# Silver trading range for the day is 40484-41944.

# Silver dropped as the U. S. dollar pushed higher and stocks around the world extended their recent rally, dimming the metal’s safe-haven appeal.

# After reporting an unexpected drop in first-time claims for U. S. unemployment benefits in the previous week, the Labor Department released a report.

# Holdings at ishares silver trust dropped by 0.70% i. e. 73.70 tonnes to 10420.88 tonnes from 10494.58 tonnes.