MCX: Silver trades upon MENA unrest

Silver touched 31-year high on inflation concern due to rise in crude oil prices which are witnessing upswing due to unrest in MENA region and persistent European debt concerns.
Rise in ETF holdings to another record and growing industrial demand helped silver to shrug pressure from a firming dollar against the euro.
We expect silver prices to further continue the uptrend for intraday as the demand for metal as safe haven is increasing and inflation is still a concern.
The ishare trust record holding indicates the investment demand is rising as it is a cheaper alternative to gold.
The increase in physical buying from China has further provided support to the metal whereas recovery in dollar may curb gains. Resistance in silver can be witnessed at Rs57700/kg in MCX.

(Source: http://www.commodityonline.com/futures-trading/technical/MCX-Silver-trades-upon-MENA-unrest-23020.html)