Silver futures prices are expected to move sideways to slightly higher in the next couple of trading sessions. Traders are advised to hang on from the market and wait for higher level selling opportunities, says analyst Ranjan Mukherjee of Kolkatta-based Shipra Gold.
MCX silver prices for March 2009 contract ended higher by Rs632, settling at Rs20,525/ kg on Saturday, as compare to that of the previous week's close of Rs19,893/kg level.
Prices bounced back from Rs19,552/kg to Rs20,560/kg level during the past three trading sessions subsequently settling above the resistance of Rs20,450/kg level. This denotes that the market is most likely to remain in positive territory in the next couple of trading sessions.
Now on the downside, prices are likely to face immediate support at around Rs22,000/kg and then at Rs20,000/kg level. On the other hand, prices may face resistance at around Rs20,800/kg and then at Rs21,000/kg level.
COMEX silver prices for March 2009 contract ended higher by 41 cents, at $13.160/ounce, after dealing between $13.180/ounce and $12.74/ounce on Friday.
Though gold prices ended near steady on Friday as the market consolidated in the face of resistance and profit booking, Silver futures prices continued to rally positively on the bullion browser.
