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“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 cl..

04 Jan 2013

Commodity Online
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.


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