MCX Silver rises on Euro debt crisis

Silver extended its gains on Thursday following turmoil in MENA countries and persistent concerns on European debt crisis. Moreover, weakness in dollar further supported prices. as it drifted off lows versus the euro on more comments from Fed reserve official.
However the fall in US jobless claims data put some pressure on prices. We expect the prices to trade in a range as both the investment as well as industrial demand for the metal is bright amid Middle East crisis and recovery in US economy respectively.
However profit booking at higher levels may put some pressure on prices. Investors are keenly watching US nonfarm pay roll data expected to come in the evening which might set a clear trend for silver.
Support in silver can be witnessed at Rs55200/kg in MCX.

(Source: http://www.commodityonline.com/futures-trading/technical/MCX-Silver-rises-on-Euro-debt-crisis-22993.html)