MCX Silver Thursday trading range pegged at 61800-62800

“Instant support for silver looks to be at 61800 and resistance at 63100.” said Amrita Mashar, Manager-Research, Commodity Online.

Silver on the MCX is expected to trade in range of 61800-62800 for today’s trading session. Silver has been weighed down by gains in U.S. dollar after data showed new U.S. home sales held near two-year highs in August.

“Instant support for silver looks to be at 61800 and resistance at 63100.” said Amrita Mashar, Manager-Research, Commodity Online.

On Wednesday, silver gained marginally and settled up by 0.55% at 62656 despite weakness in international markets that slipped -0.22% to $33.910 a troy ounce. Along with this, the lift in USD capped further bullish
sentiment in silver prices.

On Wednesday, Silver December contract opened slightly down by 0.20% and touched intraday low of 62430.
Meanwhile, still weak, Chinese silver imports continued to show signs of improvement in August, too. Imports fell just 3% y/y to 304 tonnes, while exports fell almost 10% y/y to 61.5 tonnes, keeping China a firm net importer.

“However, the latest semiconductor billings data revealed weakness in shipments in Europe and US and a modest recovery in China and Japan, which is insufficient to balance the market. We believe silver industrial demand remains vulnerable in the near term.” Barclays said in a report.

Source: Commodity Online