MCX Silver gains on industrial demand

Silver rose in tandem with gold and extended its last week rally and was seen trading near its life time high at MCX on Monday.
The global uncertainty due to persistent unrest in MENA along with firm crude prices supported white metal's safe have demand.
The weakness in dollar also supported metal. We expect the prices to trade in a range as it can get support on rising investment demand indicated by a record high jump in exchange traded fund's holdings.
The iShares Silver Trust holdings hit another record at 11,242.89 tones by April 8. The resurfacing European debt concern and further weakness in dollar may also boost silver prices.
However profit booking at record high levels may cap gains. support in silver can be witnessed at Rs59800/kg.
Courtesy: Religare Commodities

(Source: http://www.commodityonline.com/futures-trading/technical/MCX-Silver-gains-on-industrial-demand-23156.html)