MCX Silver Updates (15 July 2011)

As we anticipated, the Silver hit an another rally today with a gain of more than 1000 points. The most active contract of august in Silver futures is likely to remain bullish if it consistently trades above 58000 level and could touch 60000 soon. As a complimentary the other precious metal Gold is also trading with positive sentiments which is supporting the strong upside in Silver.
In Silver for august contract, 58200 will act as a crucial level above which the next resistance is 58800.
But an unexpected move below 57100 can harm the bullish trend in silver and it may fall down to 56500 and even 55800 later.


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