MCX Silver: Trend sideways; sustaining below 59200 bearish

Market updates-MCX silver for March delivery looks sideways and the expected range for the day is between 58500 and 59700. MCX silver for delivery on March 5 was spotted trading at Rs.59365 a loss of 0.42% as of 1.49 PM, IST.
“Silver for March delivery is having a good support at 59200 and resistance at 59700 and the prices, if they sustain below 59200, may further go down and touch 58800 and 58500 levels.” said Ankush Kumar Jain, Research Analyst at Commodity Online.
Intra-day traders are advised to take a short sell position below 59200 with stop loss of 59500 and wait for the target of 58800.
 
Short-to-medium term outlook
Short-to-medium-term silver futures look positive on charts.
Silver March futures are having good support at 57700 level and resistance at 60500. If prices come down in coming sessions then it is a good opportunity for short term traders to take a long position.
“Short term traders advised to take along position in silver futures around 58200 with stop loss of 57700 and again wait for the target near 59600 and 60500.” Ankush concluded.
Debt-ceiling 
Meanwhile, on the debt ceiling debate front, the Republicans look to be contemplating a short debt-limit rise.
"We're discussing the possible virtue of a short-term debt limit discussion so we have a better chance of getting the Senate and the White House involved in discussions in March," House Budget Chairman Paul Ryan was quoted by The Wall Street Journal as saying.
But there are apprehensions that a few Republicans may still insist on spending cuts in return for a raising of ceiling.