AHMEDABAD (Commodity Online): Spot silver future ended up on Thursday after beating a near two months high, supported by high technical buying in international market. MCX Silver March delievery contract rose by 57023 rupees per kilogram.
In month on January, Silver futures stays strong and witness huge of more than 6000 rupees. Silver will stays in bullish tone ahead this month on physical demand and supportive buyingon every lows.
Silver prices set to travel above 40 USD per ounce as fears of slowdown in global economy, particularly in Europe, led investors to buy Gold and Silver as safe investment. Silver is more dependent on industrial growth than Gold and thus advances in price could be eased if the global economic recovery is considered to have stalled.
On Friday MCX March Silver delivery contract dropped by 0.40 percent to 56680 rupees per kilogram. Silver performed relatively dreary on MCX so far during this week, despite it being talked up significantly by the silver bulls in international market,” said Amrita Mashar, commodity analyst with Commodity Online.
Technically, Silver futures lynch at technical resistance of 58000 in ongoing week. I expect that if prices unable to sustain above this levels than it will once again fall back to 55000 in coming weeks. Drop in prices can be consider as buying opportunity to earn profit in long term, added Amrita.
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