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Silver Trading Range For The Day Is 53249-54859

ByCommodityOnline
Published 06/05/2012, 05:16 AM
Updated 05/14/2017, 06:45 AM
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Silver trading range for the day is 53249-54859. Technically market is trading in the range as RSI for 18 days is currently indicating 42.41, where as 50DMA is at 55824 and silver is trading below the same and getting support at 53544 and below could see a test of 53249 leve. Resistance is now likely to be seen at 54349, a move above could see prices testing 54859.

Spot silver prices declined by more than 1.5 percent in yesterday’s trading session. However, further downfall in Silver prices was prevented on the back of weakness in DX. The white metal touched an intra-day low of $27.96/oz and closed at $28.20/oz yesterday.

On the domestic front, prices declined by more than 1-percent and closed at Rs.53,839/kg after touching an intra-day low of Rs.53,759/kg on Monday. However, depreciation in the rupee cushioned further fall in silver prices.

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