At the Globex, silver is seen trading up by $0.002, at $34.830. As discussed in gold’s outlook, the Asian equities are trading flat, mostly at a positive note on optimism that the Greece will be receiving its sixth 8 billion Euro tranche.
However, selecting of new government after Papandreou step down might create a chaos within the economy.
The Euro is therefore at a weaker side against the dollar. Also, expectation of a falling German exports may also create pressure on the currency. From the economic data front, the European releases are expected to remain at a blend while the US business optimism and consumer credit might remain elevated.
All these may support the dollar which might keep the metal under pressure. But, overall, the uncertainties over the Euro area might keep the metal up on havens demand.
MCX Silver Dec'11support:56416-56773 resistance:57473-57745 Buy at 56500/530 TP 56726/57000 SL 56200
Courtesy: Karvy Commtrade Ltd.
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