Ahmedabad (Commodity Online): MCX Silver march contract extended losses on Tuesday by -1.43% with closing of INR 56143 per kilogram. Spot Silver extended their losses by 2.65% with two week low as worries about Euro zone debt crisis continued to grip investors after the euphoria over the European Union summit agreement faded and Moody's Investors services said it will review ratings for countries in the region.
On Tuesday morning, MCX Silver march contract opened positive with intraday high of INR 56527 per kg as INR depreciated against USD by 1.40% with all time low of 53.415 by 11:37 IST. Meanwhile, Spot Silver traded in red zone at 31.032 per ounce with loss of 0.67% by 11:37 IST.
According to Ankush Kumar Jain, analyst with Commodity Online, Technically MCX Silver March contract major support stays at 55900 rupees and crucial resistance looks at 56800 rupees. It has been observed that Silver took strong support at 55900 rupees for three times in last 9 trading session and next downward movement expected only if it sustain below 55900 level.
Overall bias negative for Silver and suggestion to sell on rise in Silver with stop loss of 56800 for target up to 56000 and if sustain below 55900 in today's session then we can seen up to 55000 level in Silver march contract, Ankush added.
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