Comments
The silver futures contract traded on the Multi Commodity Exchange has moved above the psychological level of ₹40,000/kg. A reversal in the global spot silver price after last week’s European Central Bank meeting coupled with a weak rupee has taken the MCX-silver price higher. The short-term outlook can be bullish as long as the contract trades above ₹40,000.
On the global front, the spot silver price has moved above the crucial $19/ounce level. While it remains above $19, the probability of testing $19.5 is higher in the coming days.
On the domestic front, the white metal reversed higher taking base from a trend line support around ₹39,465 last week.Also the psychological level at ₹40,000 has been providing immediate support for the contract over the last couple of days. Intermediate resistance is at ₹40,700. A break above this level can take the contract higher to ₹41,350 and then to ₹41,500 in the coming week. Traders with a short-term perspective can go long now on the contract with a stop-loss at ₹39,950 for the target of ₹41,350.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.