Commodity Jackpot Call: No respite for Silver

Silver continues to trade with a fairly negative bias as the white metal is trading below the lower-end of the Bolling Band for the fifth straight day.

The bears are likely to have the upper-hand as long as MCX Silver May futures trade below Rs 51,700.

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However, select key momentum oscillators like the MACD and 14-day RSI have entered heavily oversold territory.

Hence, a sharp pull-back from intra-day support levels cannot be ruled out.

Today Silver MCX May futures may seek support around Rs 50,330-50,210-50,085, while face resistance around Rs 51,115-51,235-51,350.

MCX Silver Micro April futures may seek support around Rs 50,345-50,225-50,100, while face resistance around Rs 51,140-51,265-51,390.