Wednesday, 23 March 2011
0
MCX Silver gains on Middle East crisis
Silver continued to maintain its shine and extended its gains yesterday on consistent Middle East and North Africa unrest and Japan's crisis which maintained safe haven appeal for the metal.
Though dollar recovery and profit booking at higher prices put pressure on prices. We expect the metal prices to remain volatile in near term as in the current geopolitical tension and speculation that silver demand will rise once Japan returns to normalcy.
This can boost safe haven demand and industrial demand for metal however it may weaken on stronger dollar and recent gains may prompt some investors to offload holdings.
Strong resistance can be seen at Rs54800/kg (MCX)
This post was written by: HaMienHoang (admin)
Click on PayPal buttons below to donate money to HaMienHoang:
Follow HaMienHoang on Twitter
Subscribe to:
Post Comments (Atom)
0 Responses to “MCX Silver gains on Middle East crisis”
Post a Comment