MUMBAI (Commodity Online): Silver futures tumbled in the domestic market on Tuesday in line with weak global sentiments despite weak US dollar.
MCX silver March contract opened Rs.72 lower at Rs.24, 159/kg. The contract fluctuated between Rs.24,157-Rs.24,215/kg. Silver March contract traded Rs.22 lower at Rs.24, 209/kg. Total volumes clocked 1271 lots.
Now technically market is trading in the range as RSI for 18days is currently indicating 30.49, where as 50DMA is at 26978.74 and silver is trading below the same and getting support at 24036 and below could see a test of 23840 level, And resistance is now likely to be seen at 24401, a move above could see prices testing 24570.
Trade commodities or equities from across the globe. Join NowSilver opened at 24325 and slipped to an intraday low of 24010 before it turned bid as selling pressure seen in base metal and crude in the initial trading session. But silver manage to climb on the back of rallying oil and a softening USD, finding resistance near 24460.
However good investor demand pushed the metal to an intraday high of 24375, before profit taking pulled it lower and it finally closed at 24231.
