COMEX, MCX Silver down tracking Gold; Euro industrial output drop
MUMBAI-INDIA (Sept 12) India silver futures continued their bearish trend tracking a down trend in gold prices on Thursday. The white metal is expected to continue with its bearish trend for the day, according to our analyst at Commodity Online.
Silver futures on Comex edged down and was seen trading negative on concerns that US Federal Reserve may start reducing its monetary stimulus later this month on improving economic conditions in the United States and around the world.
The trend in silver futures for December delivery on India's Multi Commodity Exchange (MCX) is bearish and intra-day trader are advised to sell on rise for the day.
“For intra-day, support for the commodity is seen at 51300 and below that it may test level of 50500 while strong resistance is seen at 52300,” said Amrita Mashar, Research Analyst at Commodity Online.
“Traders may take sell position near 51900 with the stop loss of 52300 for target in the range between 51200 and 50800,” he added.
MCX silver futures for December delivery was seen trading down by 1.16% at Rs. 51832 per kilogram as of 15.52 IST on Thursday.
Silver futures for December delivery on Globex platform of Comex was seen trading up by 1.97% at $22.70 per troy ounce as of 16.05 IST on Thursday.
However, a decline in Euro zone industrial production may have supported the bullion commodities to certain extent in the global market on Thursday.
In July 2013 compared with June 2013, seasonally adjusted industrial production fell by 1.5% in the Euro area (EA17) and by 1.0% in the EU28, according to estimates from Eurostat released on Thursday.
In July 2013 compared with July 2012, industrial production dropped by 2.1% in the Euro area and by 1.7% in the