MCX Silver may trade positive; resistances 41500, 42000:-
MUMBAI :- The trend in silver futures for September delivery on India's Multi Commodity Exchange (MCX) is positive and intra-day traders may buy at lower levels.
MUMBAI :- The trend in silver futures for September delivery on India's Multi Commodity Exchange (MCX) is positive and intra-day traders may buy at lower levels.
“For intra-day, resistance for the commodity is seen at 41500 and 42000 levels while support is seen at 40700 and 40400 levels. The commodity prices are expected to trade positive for the day,” said Tarng Parmar, Research Analyst at Commodity Online.
MCX silver for September delivery was seen trading up by 2.09% at Rs.41196 per kilogram as of 03.45 PM IST on Monday.
In the international market, bullion recorded a significant up-tick on Monday supported by weak Dollar and hopes that the US Federal Reserve would not roll back its monetary stimulus till the economic growth in the country backs to its track.
The US Federal Reserve Chairman Ben Bernanke's testimony and statements were deciphered by the markets to the effect that stimulus curtailment is still a distant goal. This coupled with China's central bank giving added powers to banks under its supervision to set interest rates on their own ensured that gold futures climbed and moved past the $1300 mark.
The move by China is an attempt to bring its banking system in line with market realities. As banks get more powers to set interest rates, they could frame policies that may incentivise gold buying by Chinese.
US data on Existing Home Sales is scheduled to be released at 07.30 PM IST today and the white metal traders may get trading clues from the data released.
Silver for September delivery on Globex platform of Comex was seen trading up by 2.52% at $19.947 per troy ounce as of 03.59 PM IST.
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