AHMEDABAD (Commodity Online): MCX Silver March contract traded at record high level on Wednesday on euro debt worries and Korean crisis. The weakening dollar further supported the rally. The worries about euro zone's fiscal crisis still carry on despite the initiative taken by European Central Bank and US to stabilize Euro Zone. We expect the rally to continue as rising investment interest in silver as safe haven investment and bleak global economic scenario will support prices. The weakening dollar will further support the rally.
MCX Silver March contract yesterday ended marginally up on profit booking in volatile day after prices rose to record high of 43750. MCX Silver March price also reached to all time record higher getting support from higher base metal and crude oil prices.
Technically, market is trading in a range as RSI for 14 days is currently indicating 69.54, where as 50 DMA is at 38234 and silver is trading above the same and getting support at 42283 and below could see a test of 41070 level, And resistance is now likely to be seen at 43627, a move above could see prices testing 44157.
MCX Silver March contract trading range is 42283-44157, said Tarang parmar,Research Analyst with CommodityOnline.
