MCX July Futures seems to have come out of negative bias and it witnessed some good rallies yesterday. However Today Comex Silver is trading lower in International market which afftected domestic market also. MCXSilver (July Futures) opened today at 53569 and currently trading negative down by 0.19%.

Apart from gblobal cues, technical levels which may affect the trend of silver are as below-
Resistance level- It has immeditae resitance in the range of 53750-53900 breaching through which will upthrust the positiveness.
If this precious metal sustains above 53900 consistanetnly, we can expect prices to touch 55000 soon.
Support level- can be seen near 53000 level braching which may cause silver to crash down to 52500 -52000 level.

Since Comex Gold and Silver has declined sharply today, prices are expected to decline in domestic market also. Comex Gold has slipped nearly 1.5% while silver on international market has dropped around 1.4%.

On MCX, Gold silver prices started the day with downside. Gold prices could not hold its recent gains and the same happened with MCX Silver also. Traders and investors of precious metals are adopting wait and watch policy, trying to assess what policy measures European officials will come up with.

Technically Selling pressure could be seen in Gold and Silver commodities. As long as Gold prices hold above 29900 we can not expect severe downfall in this metal. A trade above 29100 can bring a buying spark in the market.

In MCX Silver, go for buy buy on dips strategy.

As per the weekly chart above of Silver, the prices trend still remains sideways with a slightly upward bias. Also prices are trading in between 2‐upward slopping trend lines and are currently in their corrective phase with strong support at 52,500. On the indicators: 14‐week RSI is trading above 50 but very close to its moving average while momentum indicator MACD & its deviation line are trading above mid‐zero line but with negative difference between the two (neither MACD nor RSI is giving any clear direction), indicating that trend remains sideways. On moving averages: prices are trading between long‐term SMA’s & short‐term SMA’s on daily as well as weekly charts, currently giving no clear direction. For the near‐term, we expect silver prices to trade in the range of 52,500 to 63,300. Any dips towards support should be buying opportunity & vice versa.