Silver on MCX settled down -0.52% at 41289 as investors kept an eye on the upcoming French presidential vote that is seen as too close to call. Investors opted for caution ahead of the French presidential election, as opinion polls indicated centrist candidate Emmanuel Macron holds a slender lead over far-right candidate Marine Le Pen. According to Opinion-Orpi’s daily poll of voting intentions, centrist candidate Emmanuel Macron would garner 23% of the vote while Marine Le pen would garner 22%. Meanwhile, investors mulled over comments from U. S. Treasury Secretary Steven Mnuchin, after he said Thursday, the Trump administration is ‘close’ to bringing forward tax reform. Bullish expectations concerning Trump’s tax reform plan, which is viewed as a pro-growth policy, had fuelled the recent post-election “Trump rally”. After reporting a bigger than expected drop in U. S. existing home sales in the previous month, the National Association of Realtors released a report showing that existing home sales rebounded to their highest level in ten years in March. The report said existing home sales jumped 4.4 percent to an annual rate of 5.71 million in March after slumping by 3.9 percent to a downwardly revised 5.47 million February. Pointing to continued economic growth this year, the Conference Board released a report showing a bigger than expected increase by its index of leading U. S. economic indicators in the month of March. The Conference Board said its leading economic index rose by 0.4 percent in March after climbing by a revised 0.5 percent in February. Technically now Silver is getting support at 41101 and below same could see a test of 40913 level, And resistance is now likely to be seen at 41476, a move above could see prices testing 41663.

Trading Ideas:

Silver trading range for the day is 40913-41663.

Silver dropped as investors kept an eye on the upcoming French presidential vote that is seen as too close to call.

Bullish expectations concerning Trump’s tax reform plan, which is viewed as a pro-growth policy, had fuelled the recent post-election “Trump rally”.

Holdings at ishares silver trust dropped by 0.29% i. e. 29.45 tonnes to 10119.87 tonnes from 10149.32 tonnes.