Tuesday, March 22, 2011

Silver may soar on strong industrial demand

AHMEDABAD (Commodity Online): Overnight gains in Crude and base metals saw silver open higher at 53245 as base metals gave up their gains. In earlier session, silver reached an intraday low of 53245 but renewed buying interest brought the metal slowly back up to its day high level at 54197 rupees.
Silver climbed on strong industrial demand and short term supply tightness, after the metal fell 2 percent in last week.
From last few days, Silver prices seem to be in obvious strength in physical market and filling down of the global slowing fears from the Japan radiation risk.
“Technically, Silver is in sideways tone for this week. Take short position near 54500 with stop loss of 55,000 can be earning opportunity and along with this to take long position near 53000 with stop loss of 52500 can be profit taking opportunity for traders ahead this week,” said Amrita Mashar, analyst with Commodity Online.