Last Updated : 17 September 2012 at 13:05 IST
Intraday volatility in Silver and the Currency connection
Source :Commodity Online Research
Depreciation in Indian rupee is causal in appreciation of value of gold and silver. “This lead to some price correction in spot gold and silver.” said Ankush Kumar Jain, Manager-Research with Commodity Online.
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AHMEDABAD(Commodity Online): Silver has been very volatile for the day for along with the opening bell of MCX, rupee began to a appreciate against US Dollar. The currency depreciated around 0.70% from the days high level of 53.63 against USD.
Depreciation in Indian rupee is causal in appreciation of value of gold and silver. “This lead to some price correction in spot gold and silver.” said Ankush Kumar Jain, Manager-Research with Commodity Online.
“However, the news that Reserve Bank of India has left repo rate unchanged and CRR hiked by 25bps, caused rupee depreciation.”
Resistance for Silver is expected at Rs 64800 and support at Rs 63500.
“Intra-day traders may short sell silver around Rs 64500 with stop loss of Rs 64800 for target near Rs 64000-63800.” he added.
The QE3 announcement had seen silver charting new heights followed by some amount of profit booking.
