Wednesday, March 23, 2011

Silver MCX updates- Silver Coninues to Slide Above 5400

MCX Silver continues to gain from uncertainty over the situation in Libya and the ongoing efforts to bring the Fukushima nuclear plant under control in Japan.

Silver remained in zigzag move, supported by technical buying and short covering from last one week. Yesterday Silver price closed at 54,296 rupees after choppy trading range.

MCX Silver price got support of rising Crude oil prices and Base metals prices. Silver face resistance at 54,500. Today after testing below level at 54148 rupees, Silver recovers till 54672 by 0.50 percent upside.

Silver trend is sideway for week and overall trend is upside for whole year. In sideway trend, Sell on higher trading range of day and buy on lower trading range can be good earning opportunity for coming days. Strong support for silver stays at 53,500 and resistance is at 55,000


Posted By Commodity MCX Tips