MTECHTIPS MCX Silver in sideways; may trade between Rs 43000 to Rs 43800

MTECHTIPS:-MCX Silver in sideways; may trade between Rs 43000 to Rs 43800

The trend in silver futures for July delivery on India's Multi Commodity Exchange (MCX) looks sideways and is expected to trade between Rs 43000 to Rs 43800 for the day. Traders are advised to stay on buy side.“For intra-day, support for the commodity is seen at Rs 43,000 and below that it could test the level of Rs 42,500. Resistance is at Rs 43800 and above that it may test the level of Rs 44,200.“Silver prices are likely to trade range bound till the break of Rs 44,200 level,” noted Amrita.MCX silver futures for July delivery was seen trading up by 0.24% at Rs.43579 per kilogram as of 06:08 PM IST on Monday. Silver futures for July delivery on Globex platform of Comex was seen trading up by 0.54% at $22.618 per troy ounce as of 06.20 PM IST on Monday.Silver would deliver the second-largest surplus on record in 2013 and expected to be the weakest performing precious metal this year, London based Barclays said in a report.The China trade data released earlier this week reaffirmed the weak underlying demand for the metal from an industrial standpoint, and investor appetite has exacerbated the weakness as opposed to plugged the gap.