MUMBAI (Commodity Online): MCX Silver is trading in the red on Friday noon trade after a successful bond auction by Spain and Italy eased investor concerns with regard to an immediate Eurozone collapse. March contract is down by 0.65% at Rs 52428 as of 12:09 IST.
COMEX silver February contract is at $29.865/oz, down $0.235
-Latest government bond auctions by both Spain and Italy had gone successful on Thursday with Spain selling 9.98 billion Euros of bonds against a target of 5 billion Euros. Italy's bond interest rate declined to the lowest since September as its 12-month bills were sold off at a rate of 2.735%
Technically, Silver price structure seems to copy the NASDAQ stock market of 1990's and hence indicates a crash to $15/oz. See charts here
Technical target by Angel Commodities for Jan 13
MCX Silver support at Rs 51858/Rs 52125 and Resistance at Rs 52924/Rs 53245
