MCX Silver may trade sideways to bullish; US Silver bullish

September 2, 2013

MUMBAI-INDIA (Sept 2)    Silver futures edged up on Monday and was seen trading with an upward movement. The trend in silver futures for December delivery on Multi Commodity Exchange (MCX) looks sideways to bullish and intra-day trader are advised to buy on dips for the day.

“For intra-day, support for the commodity is seen at 55500 and below that it may test the level of 55000 while strong resistance is seen at 57000,” said Amrita Mashar, Research Analyst at Commodity Online.

“Traders may buy position near 55500 with the stop loss of 55000 for the target in the range of 56200,” she said.

MCX silver for December delivery was seen trading up by 1.41% at Rs. 56040 per kilogram as of 14.46 PM IST on Monday.

US silver futures recorded an up-tick on Monday despite higher than expected Chinese manufacturing data and positive data releases from European countries.

As of now, silver futures on Comex is seen trading bullish. Silver on Globex platform of Comex was seen trading up by 2.92% at $24.19 per troy ounce as of 15.00 IST on Monday

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