MCX Bullion Updates
- Gold off 4-1/2 month low on increased physical buying.
- Brent hits 4 month low , us crude future up on seaway.
- Copper rebounds from four month lows greek worries caps gains.
- Domestic oil and oilseed up on short covering.
MCX Silver Tips
TREND | Consolidate |
| RESISTANCE 2 | 55000 |
| RESISTANCE 1 | 54200 |
| SUPPORT 1 | 52000 |
| SUPPORT 2 | 51200 |
| STRATEGY | Sell on higher Levels |
MCX Silver can trade in range of 52500-55000 in near term. Some Federal Reserve officials were not confident enough about signs of an upturn in growth to alter their guidance that rates were likely to stay exceptionally low until late 2014. Fed officials cited uncertainty surrounding the forecasts of the economy in making no changes to the guidance. We suggest it may not be productive until it cross above 54100 region convincingly, else hold the same for a push down towards 52700 followed by 51800 region. Silver is in SELL position. Positionally Immediate support for Silver is 50996. Resistance for the Silver is 54937-56750.
