MCX
+21.47
NCDEX
0
MUMBAI (Commodity Online): On the heels of intense buying by speculators in the accordance with firm global trends allowed the silver futures to be upper circuit Monday in the domestic futures market.
MCX silver December contract opened Rs.57 up at Rs.27,045/kg. The contract fluctuated between Rs.27,045-Rs.27,250/kg. At 10.49 am IST, silver December contract moved up by Rs.211 at Rs.27,199/kg. Total volumes in December contract were 2231 lots. Start trading in commodities from as low as $50. Join now
Now technically market is trading in the range as RSI for 18days is currently indicating 50.27, where as 50DMA is at 26819 and silver is trading above the same and getting support at 26959 and below could see a test of 26745 level, And resistance is now likely to be seen at 27122, a move above could see prices testing 27257.
Silver is frustrating the bulls as it closes the week largely unchanged from last Friday at 17.40. With the bullish metals sentiment, Silver should have retested 18.09 high.
The sideways move in Silver has the Gold Silver ratio pushing higher. Gold Silver is ending the week up at 64.23. We see Fibo resistance at 64.43 but should it yield the next target is 68.15 (38.2% retrace of our large drop).
