MCX Silver Tips
Silver is expected to trade with a negative bias this week on the back of weak sentiments in the global markets and dollar strength. Silver will also take cues from fall in gold prices coupled with downside in base metals complex. The daily price suggest that prices have reversed after taking resistance at 57600 levels. RSI is in a sell mode and prices are trading below short term averages. We recommend a sell around 55350 levels with a stop loss placed above 56600 levels for a target of 54100 levels.
Copper Updates
Current moves are expected to continue towards the moving average support of 432-431 initially. At the same time Inability to clear below 431 may call for a bounce back and could target 444 later. We expect copper to come under pressure during the week taking cues from rising worries over global economic growth which has created demand concerns for the industrial metals. Additionally, deepening tensions with respect to Euro Zone debt crisis and a stronger dollar will also act as a negative factor for red metal prices.
