5:18 PM
alphaadvisory
Silver prices at India’s Multi Commodities Exchange (MCX) witnessed a
bearish phenomenon. The commodity is now trading around 57325-57537
Rs/kg levels.
MCX Silver is moving to the oversold territory as high profit booking were witnessed in the markets. Weak global sentiments have impacted the domestic market prices. However, weak demand from China on lunar New Year holidays has kept prices in check.
On Tuesday trade, Silver March contract rose to a high of 57537 Rs/kg at 3pm IST and is expected to trade in a bearish phenomenon. Support is now seen at Rs 57200, 56800 levels and resistance at 58200 & 58800, analysts said.
On global markets, Comex Silver declined for the third consecutive day. It declined 0.19% and closed at 30.910 $/oz. Weakness in Dollar Index have impacted the dollar denominated commodities.
On charts, Silver movement is still below 20 day SMA at 58484 levels. Indicators are slight negative and RSI at 38.5 is bearish.
MCX Silver is moving to the oversold territory as high profit booking were witnessed in the markets. Weak global sentiments have impacted the domestic market prices. However, weak demand from China on lunar New Year holidays has kept prices in check.
On Tuesday trade, Silver March contract rose to a high of 57537 Rs/kg at 3pm IST and is expected to trade in a bearish phenomenon. Support is now seen at Rs 57200, 56800 levels and resistance at 58200 & 58800, analysts said.
On global markets, Comex Silver declined for the third consecutive day. It declined 0.19% and closed at 30.910 $/oz. Weakness in Dollar Index have impacted the dollar denominated commodities.
On charts, Silver movement is still below 20 day SMA at 58484 levels. Indicators are slight negative and RSI at 38.5 is bearish.
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