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MCX Silver May contract slipped almost 1 percent and touched a low of Rs 54426/kg. However, further decline in prices on the domestic bourses was cushioned on account of a weaker Rupee. MCX Silver May is trading 55872 with a consolidate trading manner. It has a support level at 55600 and a resistance level at 55964.
We expect silver to trade higher today on account of weakness in the US dollar index coupled with upbeat sentiments in the global markets. However, appreciation in the Indian Rupee may hold gains on the MCX.
MCX Silver suggest that prices have reversed after taking support at 56000 levels. RSI has given a positive crossover and prices are trading above short term averages. We recommend a buy above 55700 levels with a stop loss placed below 55620 levels for a target of 55900-56100 levels.
