Industrial Demand For Silver Rises, Prices May Rebound

buy-silverSilver prices may rebound from this level as demand for this metal rises in solar panel and mobile phone industry. It is highly used in televisions and aircrafts as well. On MCX it is currently trading near monthly support of Rs.38500 per kg. It is a strong support for silver as prices got bounced sharply several times from this level. 37800 is also a strong support below this level. On COMEX also it is sustaining above psychological level of $16 a troy ounce.

For today’s evening trade one should go for buy above 38750 with the stop loss below 38470 for the target of 38950 and 39150.

Silver Today

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Stock Market Closing Bell 31 May 2016

CH CLOSING BELL:

NIFTY FUTURE DOWN 1 @ 8193

BANKNIFTY FUTURE UP 93 @ 17601

SENSEX DOWN 57 @ 26668

INR 67.17

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Gold Slumped Below $1200 on Growing Expectations of Interest Rate Hike And Strong Dollar

gold downGold slumped below $1200 on growing expectations of interest rate hike and strong dollar
Gold futures dive below $1200 on COMEX first time since February 2016 after Fed Chair Janet Yellen signaled an interest rate hike very soon in upcoming months. U.S. dollar also lifted to highest levels against other major currencies which also weighs on yellow metal. Gold prices declined nearly 3 percent in the previous week and now trading at support levels.

The next support level for gold in COMEX is $1183 and resistance for gold is $1217. A bounce in prices is expected from this support level and prices may gain in the next two to three trading sessions. Silver prices also sheds in influence of Gold and currently trading near $16 a troy ounce.

COMEX GOLD pic

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