Silver futures were trading lower during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal on subdued physical demand amid firmer greenback.
At the MCX, silver futures for May 2017 contract is trading at Rs 41394 per kg, down by 0.27 per cent, after opening at Rs 41440, against a previous close of Rs 41505. It touched the intra-day low of Rs 41319.
Technically market is under fresh selling as market has witnessed gain in open interest by 2.68% to settled at 12019 while prices down -393 rupees, now Silver is getting support at 41145 and below same could see a test of 40785 level, And resistance is now likely to be seen at 41920, a move above could see prices testing 42335.
Trading Ideas
*Silver trading range for the day is 40785-42335.
*Silver prices edged lower amid fading demand despite jitters ahead of the French presidential election and ongoing geopolitical tensions over North Korea.
*The Labor Department said initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 244,000 for the week ended April 15.
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