mcx silver prices outlook 21 june 2011

mcx silver prices outlook 21 june 2011 : MCX Silver July contract last closed at 53948 rupees per kg, up by 303 rupees against previous close of 53645. The contract opened weak this morning at 53820 made the an intraday low at 53160 and last traded at 53830 down by 118 rupees after touching an intraday high of 54158 rupees.

In international markets, Silver prices last traded near 36 USD per an ounce. Silver prices are likely to fall further and may test 35-34 levels in the near future.

MCX Silver future prices have fallen by more than 23 percent in last two months. On MCX, Indian commodity exchange, Silver prices are likely to touch levels of 52000-50000 in the near future.

Support for the said contract is seen at 51500 and below it; prices can test 50500 while the resistance levels are seen at 54500 and 56000 respectively. In the near term, MCX July Silver prices are likely to trade in a range of 51000-56000.

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