(Commodity News word): On the MCX, silver for March delivery traded with minor change in prices and is likely to trade range-bound for today's session till the release of US - non farm payroll.
For intra-day, silver may trade sideways to bearish till the release of US payroll data. Silver on MCX for March delivery has support at 57700, if the commodity falls below the range then it could see a test of 56900 level.
The resistance is now likely to be seen at 58700, a move above could see prices testing 59200 for the commodity.
“Those traders who are holding long position in silver for March delivery should maintain stop loss of 57700 for today. Intra-day traders should wait and watch till the release of US data before entering into short term trades,” said Amrita Mashar, Research Analyst at Commodity Online.
The demand for risk-on assets such as gold was dampened by the US jobless claims which came in higher than last week which resulted in profit taking also.
End-of-the-month position squaring, profit taking from short-term traders, and pre - Job data report positioning were the the major reasons for sharp fall in prices on Thursday.
Bullion prices are also affected by stronger than expected Chicago PMI in early trading session.
COMEX silver for March delivery was seen trading at $31.380 a gain of $ 0.029 or 0.09% as of 03.16 PM, IST. On India's MCX, silver for delivery on March 5 was spotted trading at Rs.57781 a fall of of 0.12%.
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