MCX Silver sideways to bearish; support 39000, 38800

MUMBAI (June 27) The trend in silver futures for July delivery on India's Multi Commodity Exchange (MCX) looks sideways bearish and intra-day traders are advised sell on rise.

“For intra-day, support for the commodity is seen at 39000 while 40500 is the resistance. If prices break 39000 level then the commodity is expected to move towards 38800 level," said Amrita Mashar, Research Analyst at Commodity Online.

MCX silver futures for July delivery was seen trading down by 0.32% at Rs. 39440 per kilogram as of 14.27 PM IST on Thursday.

US data on continuing jobless claims, initial jobless claims, personal income and personal spending are scheduled to be released at 06.00 PM IST today and traders may get trading clues from the data released. Also, a data pending home sales is expected to be at 07.30 PM IST.

Bullion recovered in the global market on Thursday, as its safe haven appeal strengthened on a lower than expected growth rate for U.S. gross domestic product.

U.S. GDP increased at a 1.8% annual rate in the first quarter, less when compared with the previously reported 2.4 percent pace.

Silver futures for September delivery on Globex platform of Comex was seen trading up by 0.56% at $18.718 per troy ounce as of 02.40 PM IST on Thursday.