Last Updated : 30 April 2012 at 15:20 IST
MCX Silver looks bullish, Buy with target at Rs 65000: SMC
Silver, the well known volatile white metal had a delighted performance since the beginning of the year 2012. But after March prices dipped to some extent and remained in tight range of Rs 55000-Rs 59000 in domestic bourses.
- Commodities may trade negative on Fed stimulus tapering concerns
- Spot gold prices traded on a negative note by around 0.6 percent today on the back of rising concerns of early QE taper after the US lawmakers reached a budget agreement. Also, weak global market sentiments and declining trend in SPDR Gold holdings a
- read more
China's crude oil imports advanced 0.8% year-on-year to 23.56 million tons, or 5.76 million barre..
By Col. Ajay
As per financial astrology, transit OD Sun in Saturn house is ..
MUMBAI (Commodity Online): Silver, the well known volatile white metal had a delighted performance since the beginning of the year 2012. But after March prices dipped to some extent and remained in tight range of Rs 55000-Rs 59000 in domestic bourses. However, silver prices may soon target Rs 65000 level in the days ahead (see technical recommendation below)
Silver often has dual properties of bullions and base metals and when base metals rise that is also supportive for the silver .Recently prices have taken good support at Rs 55000 levels in MCX and the decline in greenback is also keeping the sentiments upbeat in base metals and bullions.
Safe-haven assets are likely to perform well if there are more jitters around as seen in euro zone and investors also park their funds in gold and silver as safe havens. Furthermore the movement of local currency Rupee will also be vital for silver movement in domestic market.
Investing in gold and silver for financial survival has become a necessity as the entire world now is undergoing financial instability. Adding to the appeal of silver to investors is the huge and growing industrial demand for silver, which means that investing in silver could be profitable for time to come.
Take long term fundamental buy position in MCX Silver (July) at current prices for target of Rs 61000 and Rs 65000 with stop loss of closing below Rs 56000
Source: SMC Online report
- Gold prices to average $ 1,200 an ounce level next year: Citi Research, UBS
- Factors that are driving global markets this week
- India Veg Oil imports climb by 35% Y/Y to 944,309 tons in Nov 13
- US Marcellus-Utica Natural Gas output may grow by 3.3Bcf/d in 14 Y/Y
- Indian Railways carry 677.56 mn tons of freight during April-Nov 13
- Shale Gas boom or bumper crop: What will drive the Guar complex?