Commodity Trade Mantra

Silver slumps in General Meltdown.

Silver Trading

Silver slumps in General Meltdown.

Silver July declined for a third day, losing as much as 1.6% to $28.915 an ounce, the cheapest since Jan 10. Comex Silver July futures prices on Tuesday closed near the session low. Commodity & Equity Markets were both down for the day. Silver prices are in a nine-week-old downtrend on the daily bar chart.

Silver has a strong technical support in the $28 to $26.20 range on the downside & should ideally bounce up from this level. Any breach with a sustained momentum below this level may signal a strong bearish trend.

Weakening in the Indian economic performance, its investment-grade rating & political uncertainty are driving the INR lower & will inversely push Gold, Silver Prices up, and thereby motivating people to seek gold / silver for a safety.

MCX Silver trading may see some bottom fishing at lower rates and in addition a weaker INR accelerates the demand for Bullion’s.

request your views on the above article

Comments are closed.

For More details on Trade & High Accuracy Trading Tips and ideas - Subscribe to our Trade Advisory Plans. : Moneyline

follow us

markets snapshot

Market Quotes are powered by

live commodity prices

Commodities are powered by

our latest tweets

follow us on facebook