Last Updated : 04 January 2013 at 13:35 IST
How low can Silver go
Source :Commodity Online Editorial Desk
“Silver futures on the Comex in the event of sustaining below $29.40 may see the commodity touching $28 levels in coming session even as on the MCX, it may come down to Rs.55800 levels in coming session if it closes below the important support level of Rs.57200.”
- Base metals, Crude Oil may trade lower on weak China PMI data; Gold, Silver to be positive
- Spot gold prices increased by 1.58 percent on the back of weak Dollar Index. Further, weak stock markets increased the demand for precious metal as protection of wealth.
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Following gold, silver on the Comex as well as on the MCX is spiralling down.
“Silver futures on the Comex in the event of sustaining below $29.40 may see the commodity touching $28 levels in coming session even as on the MCX, it may come down to Rs.55800 levels in coming session if it closes below the important support level of Rs.57200.” said Ankush Kumar Jain, Research Analyst, Commodity Online.
Strong resistance for MCX silver is expected at Rs.58000 even as on the Comex it may face resistance at $30.20, he added.
The Federal Open Market Committee is almost evenly divided between decision of whether or not to continue with QE measures and gold and silver futures dropped on the Comex.
“In considering the outlook for the labor market and the broader economy, a few members expressed the view that ongoing asset purchases would likely be warranted until about the end of 2013, while a few others emphasized the need for considerable policy accommodation but did not state a specific time frame or total for purchases. Several others thought that it would probably be appropriate to slow or to stop purchases well before the end of 2013, citing concerns about financial stability or the size of the balance sheet. One member viewed any additional purchases as unwarranted.” the FOMC minutes read.
Quantitative Easing measures have stood as the backbone of price rallies across commodities and nipping the bud of QE4 is expected to snap the rallies, if it happens.
Silver on the Comex for delivery on March 13 was seen trading at $29.50 a loss of 3.98% as of 1.33 PM IST. Silver on the MCX for delivery on March 05 was seen trading at Rs.56926, a loss of 2.94% as of 1.23 PM IST.
- MCX Silver sideways to bullish; resistance 43500
- MCX Gold sideways to bullish; prices may remain in 26000-26300 range
- India govt cuts import tariff value of Gold to $440 per ten grams
- China April Silver imports down 28% y/y at 172 tons: Barclays
- Bernanke testifying before US Congress plus FOMC meeting minutes would drive Gold, Silver
- MCX Gold sideways to bullish; resistance 26400