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“For intraday, the commodity may trade sideways with major support at 42000 while 43500 is the resistance,” said Amrita Mashar, Research Analyst at Commodity Online.  

23 Apr 2013

MUMBAI (Commodity Online): Silver futures for May delivery on India's Multi Commodity Exchange (MCX) is expected to trade in the range of 42000-44000 for near term. Overall trend still looks bearish as on every high prices face selling.

“For intraday, the commodity may trade sideways with major support at 42000 while 43500 is the resistance,” said Amrita Mashar, Research Analyst at Commodity Online.

“If prices break level of 42000 then further downside can be expected towards 40000 marks,” added Amrita.

“Those who are on buying side should maintain strict stop loss of 42000 for every long position,” Amrita noted.

MCX silver futures for May delivery was down by 1.59 percent at Rs.42991 per kilogram as of 05.45 PM IST on Tuesday.

China’s HSBC Flash Purchasing Managers Index, fell to a two-month low of 50.5 in April from the final reading of 51.6 in March.

Silver prices may average $26/oz in 2013 and $24/oz in 2014 and find better support at lower levels as industrial demand recovers, stated London based Barclays in its recent market analysis.

However, the market is set to deliver yet another sizeable surplus in 2013. In turn, growth in investor demand will be, yet again, key in driving prices higher.

Silver futures on Globex platform of Comex was seen trading down by 1.87 percent at $22.885 per troy ounce as of 05.28 PM IST on Tuesday.


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