The Commodity Silver MCX is showing tandem movements along with Gold MCX prices in most of the session. Commodity MCX Silver is in risk aversion among the investors which may provide bullish sentiments for precious metals in short term.
The commodity MCX Silver showed a significant correction from its highs and in a consolidation mode at current levels. The reason for Silver coming in consolidation phase is due to declination the of Shares Silver Trust by 1.316 million ounces.
Dollar may appreciate against dollar on concerns about the sovereign debt of Greece. This can also cap silver's gain in the short term. Silver's MCX support is seen at Rs. 53,050/Kg.
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