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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 b..

30 Apr 2012

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.

Trading Recommendation

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


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