MCX sideways to bullish, resistances 41500, 42000; Comex silver bullish

MUMBAI-INDIA (July 29)  The trend in silver futures for September delivery on India's Multi Commodity Exchange (MCX) looks sideways to bullish and intra-day traders are advised to buy on dips.

“For intra-day, support for the commodity is seen at 40500 while 41500 is the resistance. If prices break level of 41500 than the commodity is expected to move towards 42000 mark,” said Amrita Mashar, Research Analyst at Commodity Online.

MCX silver futures for September delivery was seen trading up by 0.97% at Rs. 41439 per kilogram as of 05.51 PM IST on Monday.

Bullion futures was seen trading bullish in the global market ahead of a list of US Data releases which is scheduled for the week.

Silver futures on Comex was seen trading bullish on Monday supported by weak US Dollar. Silver futures for September delivery on Globex platform of Comex was seen trading up by 2.06% at $20.182 per troy ounce as of 05.58 PM IST on Monday.

In UK, retail sales saw the first rise in five months in the year to July, according to the Confederation of British Industry's (CBI) latest monthly Distributive Trades Survey.

The survey of 60 retailers saw year-on-year high street sales this month grow at a stronger pace than expected, after a flat first half of 2013 - the first rise since February.

In the survey, 43% of firms reported that sales volumes were up on a year earlier and 26% said they were down - the resulting balance of +17% was the highest since January 2013 (+17%). This was slightly above expectations of +13%.