MUMBAI (Commodity Online):MCX December Silver prices gained 0.82% in noon trade on Tuesday at Rs 63819 as against previous close of Rs 63293. At Comex, silver futures prices weakened on Monday as US dollar index moved sharply higher while Crude Oil prices were sharply lower.
On Monday, December Comex silver traded down $1.561 at $39.265 an ounce.
"Silver futures prices closed near the session low Monday and hit a fresh four-week low. The silver bulls still have the slight overall near-term technical advantage, but did fade again Monday and do not want to see follow-through selling pressure on Tuesday that would produce some fresh chart damage. The key “outside markets” were bearish for Silver Monday as the U.S. dollar index was sharply higher while Crude Oil prices were sharply lower. Bulls’ next upside price objective is producing a close above strong technical resistance at last week’s high of $41.60 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $38.81. First resistance is seen at $39.50 and then at $40.00. Next support is seen at $39.00 and then at $38.81," according to Kitco News.
MCX December Silver support levels are seen at 63,500, 62,800; resistance at 64150, 64500, according to Edelweiss Comtrade. MCX December Silver prices had fallen 0.88% last week to Rs 64408.
