MUMBAI (Commodity Online): Silver futures extended previous gains on Wednesday in the domestic futures market on account of continues buying by speculators tacking firm global sentiments.
MCX silver December contract opened down by Rs.6 at Rs.27,012/kg. The contract fluctuated between Rs.26,990-Rs.27,159/kg. At 10.28 am IST, silver December contract traded up by Rs.117 at Rs.27,135/kg. Total volumes in December contract recorded 2623 lots.
Now support for the silver is seen at 26310 and below could see a test of 25546. Resistance is now likely to be seen at 27489, a move above could see prices testing 27904.
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Silver opened at 26170 on MCX. It was offered during the morning and dropped to an intraday low of 25960.
Strong investor buying caused the metal to spike and it found moderate resistance around 26900, before rallying to its high of 27139. As the session unwound, profit taking caused the metal to slip, closing at 27075.
