Silver July contract inched 69 rupees up to settle at 42609. Rising concern among Russia and Ukraine and stochastic recovering from oversold territory are supporting factor for this commodity. Today price objective for bulls would be 42945-43000 any sustained move above these levels would bring 43400-43900 and more upside. Areas of 43500 will remain key resistance on closing basis and any sustained move above 43500 would bring more charm in this commodity. Support is now seen near yesterdays low at 42400 any sustained move below that level would bring a retest to 42100-41900 zones. Key support remains at 41200 and any closing below that level would trigger a fresh bearish move and then we may see 40400 and more down side. Stability above 41200 remains supportive for bulls.
Silver trading range for the day is expected among the key support at 42000 and resistance at 42800.
Â· Today again buying silver on declines around 42050-41850 with stop loss below 41400 for targeting 42700-43300-43700 and more upside in intraday and short term.
Â· In alternative scenario buying above 42800 with stop loss below 42500 for targeting 43100-43300-43700 and more upside might be appropriate.
Â· Selling below 41200 with stop loss above 41600 for targeting 40800-40300 and more down side might be appropriate.
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