Silver May Witness Prices Remain Weak, Support At 40280
CommodityOnline | May 23, 2014 07:40AM ET
MUMBAI: Following a poor 2013, this year’s start suggests that attitudes toward gold and silver, among mainstream investors, have been shifting away from the one-sided selling seen in 2013 to a more balanced perspective. Looking ahead, we see H2 2014 as a year broadly of consolidation for gold and silver. We believe that fundamentals for Gold still remain weak and bearish and further price weakness from current levels is possible till Rs.25000/10gms while silver, in part governed by gold’s moves and so we expect weakness to continuous in silver prices also but a jump of nearly 10-15% from current level can't be ignore before resuming further fall. Overall technically prices remain weak for silver while a short term jump till 44000-45000 can’t be ignored before a fall till 36000 levels. Now technically market getting support at 40280 and below could see a test of 38800 level, and resistance is now likely to be seen at 42200, a move above could see prices testing 44500.
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