India Silver futures bearish, traders may short near 50500
MUMBAI-INDIA (Sept 130) India silver futures continued its bearish rally on Friday tracking a down trend in gold prices at both domestic and international market. The white metal is expected to trade with a bearish trend for the day.
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 49700 and below that it may test level of 49000 while strong resistance is seen at 51000,” said Amrita Mashar, Research Analyst at Commodity Online.
“Traders may take sell position near 50500 with the stop loss of 51000 for the target in the range of 49800 and 54900,” he added.
MCX silver futures for December delivery was seen trading down by 2.06% at Rs. 49454 per kilogram as of 16.24 IST on Friday.
Silver futures for December delivery on Globex platform of Comex was seen trading down by 2.03% at $ 21.6 per troy ounce as of 16.38 IST on Friday.
Meanwhile, the number of persons employed decreased by 0.1% in the Euro area (EA17) and remained stable in the EU27 in the second quarter of 2013 compared with the previous quarter, according to national accounts estimates published by Eurostat, the statistical office of the European Union on Friday.
In the first quarter of 2013, employment decreased by 0.4% in the Euro area and by 0.2% in the EU27. These figures are seasonally adjusted