Silver mirrored gold’s trajectory but outperformed thanks to its higher beta and dual role as both a safe-haven and industrial metal. Investors sought shelter amid dollar weakness, escalating tariff uncertainty, and geopolitical risk, sending silver sharply higher and cementing its place as the week’s standout performer.
Comex Silver rebounded after finding support at $38.08 strongly mid-week and managed to close on a firm note at $39.69, marking a fresh high in recent months as Bullions shines strongly this week.
MCX Silver November contract witnessed a breakout from a symmetrical triangle pattern during the previous week’s closing session. The price action retested the breakout trendline mid-week, finding support at 114,900 near the 20-DEMA, and thereafter regained momentum to surge by +4.96% and closing the week at 120,371. This confirms sustained bullish undertone in the market. Daily RSI at 71 entering into overbought territory can risk of shallow pullbacks, but not a reversal signal yet. Traders should adopt a scale-in on dips approach near support zones. All key moving average support prices in long and short term both.
Gold/Silver ratio which is also known as mint ratio, also remain weak after reversing from 88 level, if trailed below 85.7 will more favorable for silver prices for up move.
Overall, Silver maintains a Bullish trend for the upcoming sessions. Traders are advised to adopt a buy-on-dips strategy, with pullbacks towards the 116,700 – 114,900 support zone offering fresh long opportunities. Resistance is seen near 122,500, with potential to scale higher if momentum sustains.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
114,900 | 116,700 | 120,250 | 122,500 | 126,000 |
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Prediction given by Technical Research Team - Choice.