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Bullishness in silver futures can be expected only above Rs.63200. Overall, silver is expected to witness high volatility in today's trading session.

07 Dec 2012

By Amrita Mashar
MCX silver is expected to trade in a range between Rs.61500-63000 for the day. The US non-farm pay roll data may prove to be positive for silver; but any significant changes on the positive side may pose some downside risk to silver prices.

The markets would closely monitor US non-farm pay roll data that is scheduled to be released today at 07.00 PM IST which is expected to be positive for bullion. The data is forecast to say US added 89000 jobs in November compared to October figures at 171000.

If you have a positive buying position in silver, then consider Rs.61500 as major support level. Below these levels, prices are expected to move until they touch Rs.60000.

Bullishness in silver futures can be expected only above Rs.63200. Overall, silver is expected to witness high volatility in today's trading session.

Meanwhile, on MCX, silver for March delivery was seen trading at Rs.62398, a loss of 0.07% exhibiting a flat trend against the previous close as of 04.58 PM IST.

On the Comex, silver for March delivery was seen trading at $32.895, a loss of 0.66% as of 05.10 PM IST.

(Amrita Mashar is Manager-Research, Commodity Online)


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