SILVER INTRADAY TIPS AND VIEW 16 JUNE 2011
SELL SILVER BELOW 53300 TARGET 52500
July silver futures gained on Comaks with mild expressions of the cross has reached 35.5 dollars per ounce. In yesterday’s trading on Comaks silver half dollars per ounce to close at 35.4 per cent was faster. Silver declined today, silver is trading at about 1 per cent. The mint oil is increasingly being witnessed on the business. June futures trading in mentha oil is trading at around 1 per cent. Silver price dropped tracking weakness in base metal prices after prices gained after release of US data’s. Silver opened the day at 53319 which was also the low for the day. Silver rose alongside crude and other base metals to a high of 53870. Profit taking had the metal close the day at 53058. Now technically market is trading in the range as RSI for 18 days is currently indicating 39.52, where as 50 DMA is at 58412.7 and silver is trading below the same and getting support at 52409 and below could see a test of 51759 level, And resistance is now likely to be seen at 53880, a move above could see prices testing 54519. Silver trading range is 51759-54519. Silver price dropped tracking weakness in base metal prices after prices gained after release of US data’s Silver is having resistance at 53880 and support at 52409 level. In spot silver is getting resistance at 36.40$ and holding support at 34.70$ level. This year, April-May during the gold and silver with a turnover of Rs 1,615,138 which is nearly two times higher than last year. Similarly, with 38 per cent is the second largest agri-commodity. Agri commodity has a turnover of around Rs 240 329 crore. MCX silver mini June contract prices too traded down Rs 488 at Rs 52,735/kg and traded between Rs 53,460-52,637/kg. Volume recorded 66,565 lots. Most active silver July contract traded Rs 490 down at Rs 52,703/kg and so far made intra-day high and low of Rs 53,440-52,611/kg so far. Volume so far was 32,105 lots.
