MCX Silver sideways to bearish; US Silver may turn bearish
NEW DELHI-INDIA (Sept 1) The trend in silver futures for September delivery on India's Multi Commodity Exchange (MCX) looks sideways to bearish for the day and intra-day traders are advised to sell on rise.
“For intra-day, support for the commodity is seen at 55000 and below that it may test the level of 54000 while resistance is seen at 57000,” said Amrita Mashar, Research Analyst at Commodity Online.
“Traders may take sell position near 56300 with the stop loss of 57000 for the target in the range of 55500,” she added.
“For near term, silver prices are likely to trade positive following strong buying sentiments in international market. Strong support for silver futures is seen at 55000 while resistance is at 60000,” she said.
In the earlier session, silver has broken an important resistance level of 58000 and now further up-tick is expected till 60000 initially and above that it may test the level of 62000.
MCX silver futures for September delivery was seen trading down by 0.70% at Rs. 55385 per kilogram as of 04.07 PM IST on Thursday.
As of now, Comex silver futures for December delivery is seen trading negative and may continue with its negative trend and turn bearish on selling pressure.
However, US GDP and Jobs data are scheduled for the day and prices movement is depend upon the outcomes of the data released.
US Department of Labor is scheduled to release its data on Initial Jobless Claims, Continuing Jobless Claims at 06.00 PM IST on Thursday.
US Bureau of Economic Analysis is also expected to release its data on Quarterly Gross Domestic Product (GDP) and GDP Price Index at 06.00 PM IST today
Silver futures for December delivery on Globex platform of Comex was seen trading down by 1.63% at $24.04 per troy ounce as of 04.26 PM IST on Thursday