MCX Silver looks more bullish than Gold

Last Updated : 15 January 2013 at 14:40 IST

MCX Silver looks more bullish than Gold

Source :Commodity Online Research Desk

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Intra-day traders are advised to take a long position around Rs.59000 with stop loss of Rs.58700 and wait for the target near Rs.59500.

By Ankush Kumar Jain
Silver futures look more bullish than gold for the day. MCX silver March futures have good support at Rs.58500 and resistance at Rs.59600.

Intra-day traders are advised to take a long position around Rs.59000 with stop loss of Rs.58700 and wait for the target near Rs.59500.

Silver for delivery on March on India‘s MCX was seen trading at Rs.59208, a gain of 0.79% as of 02.04 PM IST. Silver on the Comex for delivery on March 13 was spotted trading at $31.350 a gain of $0.240 or 0.77%.

Meanwhile the IMF Chief Christine Lagarde expects a gradual recovery for Eurozone starting 2013. She expects Greece to witness difficulties in 2013 and exhorted the nation to “continue doing a massive effort on collection of revenue and collection of tax” a report appeared on NASDAQ news section quoted her as saying.

Meanwhile, the White House has ruled out any negotiations connected with debt ceiling as Obama holds the view that raising of debt ceiling is not about authorisation for new spending but confirmation from US Congress to service the bills that has already been approved by the US Congress.

“There are only two options to deal with the debt limit,” said White House spokesman Jay Carney. “Congress can pay its bills or it can fail to act and put the nation into default.”

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