A sluggish trade has been seen in Gold commodity while silver has further declined. The Cues around the globe amid deteriorating economic conditions in Europe are indicating that bullion metals may still remain under pressure.
MCX Silver is currently trading down near 52600 level and prices are expected to decline further down to 52450 which is the nearest support level for this precious metal. If Silver further goes down below this level, we can see some more downside otherwise a short covering recovery is expected thereafter,
MCX Crude is also trading with negative node. However the commodity is in bearish trend but we can expect some recovery at lower levels. Day traders can adopt buying at lower level strategy for crude oil.