Prices continue to stay choppy with mild negative due to easing safe haven demand - Geojit Financial
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Silver
Outlook
Prices continue to stay choppy with mild negative due to easing safe haven demand. A rise in global equities and other risky assets coupled with firm US greenback weighed down the sentiments of the precious metal. However, a possible industrial demand picks up, especially form China, may dent major downside in the commodity. Looking ahead, central banks’ policy decisions on interest rates and tapering of stimulus likely to influence tis price in short run.
COMEX: Major support is seen at $21, a direct drop of which would liquidate prices further. If unable to do so expect recovery upticks but unlikely for major rallies unless breaking the resistance of $26.
MCX: Prices would track its overseas sentiments and a likely range bound trade inside Rs 74500-56000 initially. Anyhow, breaking any of the sides would suggest a fresh direction to the commodity.
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