MCX Silver sideways to bearish; support 39800, resistance 41000

MUMBAI-INDIA  (July 18) The trend in silver futures for September delivery on India's Multi Commodity Exchange (MCX) looks sideways to bearish and intra-day trader are advised to stay on selling side.

“For intra-day, support for the commodity is seen at 39800 while resistance is seen at 41000. Silver prices are expected to witness range bound trade in the remaining session of the day,” said Amrita Mashar, Research Analyst at Commodity Online.

MCX silver futures for September delivery was seen trading up by 0.59% at Rs. 40391 per kilogram as of 05.44 PM IST on Thursday.

Bullion in the global market recorded a slight up-tick on Thursday after the comments from US Federal Reserve Chairman Ben Bernanke on its monetary stimulus. Steady US Dollar was seen supporting bullion to certain extent.

Bernanke on Wednesday testified before the US Congress and said the Federal Reserve still expects scaling back of QE measures later in 2013; however has the option of changing plans should the economy changes track, the outlook gets shifted.

Silver futures for September delivery on Globex platform of Comex was seen trading down by 0.01% at $19.418 per troy ounce as of 05.53 PM IST on Thursday.