Silver recovers on Euro debt crisis

The spot silver retreated 0.60% percent from its prior day’s movement and ended at $37.15 levels. The same movement was seen on futures contract in MCX although in the COMEX the immediate delivery advanced 0.48%.
Indian Silver had a sideways trend yesterday from Rs.55300 to Rs.56555. In the European session it revived as the PMI data from the Euro zone and Germany came supportive
Global equities closed mostly in positive except Japan’s NIKKEI. FTSE closed by gaining nearly one and a half percent despite the region’s credit worthiness remained under threat
The dollar index was not capable enough to sustain its gain to close by losing 0.15%
The I-share silver holdings is counted to its current holdings of 10960.39 tons as on 23rd
March, no change from the prior
OUTLOOK:
The COMEX May future is currently quoting $37.38, down by 0.03%. The Asian equities are showing greenness.
As discussed in Gold’s outlook, the controversy over the European sovereign crisis has still been teasing. A cut in Portugal’s credit rating by two notch points is driving the euro to weaken against the dollar. So the dollar’s gain is likely to fall upon silver. However, the US economic outlook in the form of data releases, are quite favorable for the economy may support silver. The equities greenness may also back upon the metal. Base metals may put a fulcrum by taking the cues from the equities.
Overall, we expect silver to trade in a positive note with a limited upside attributable to the dollar index’s likely gain.

(Source: http://www.commodityonline.com/futures-trading/technical/Silver-recovers-on-Euro-debt-crisis-22816.html)