

| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 222,600 | 235,050 | 252,042 | 259,000 | 270,000 |
MCX Silver rallied a week as a sharp pullback in the US Dollar Index to 97.7, following a U.S. Supreme Court ruling against President Donald Trump's global tariffs, boosted safe-haven demand and industrial buying. The legal setback, coupled with escalating US-Iran tensions, reintroduced a geopolitical risk premium that amplified silver's volatility and extended its rebound. Further support came from mixed US macro data, with Q4 GDP slowing to 1.4% annualized versus 3% forecasts, while December headline and core PCE inflation accelerated to 3%, complicating the Federal Reserve's policy outlook. The S&P Global US Composite PMI showed the slowest private-sector expansion in ten months, and FOMC minutes revealed divisions among policymakers, with some warning further tightening may be needed if inflation persists. In India, MCX removed the 3% additional margin effective February 19, lowering capital requirements and encouraging higher speculative participation. Renewed post-Lunar New Year liquidity and strong industrial demand from solar and Al sectors underpin silver's strong weekly performance.
Silver Futures prices witnessed a strong surge of +13% over the week and closed at 252042, reflecting firm buying interest at lower levels. Despite the sharp recovery, prices are currently trading below the 20DEMA placed at 258883, indicating near-term resistance, while sustaining above the 50-100-200DEMA levels positioned at 250618, 219977 and 180901 respectively. Holding above these broader trend averages suggests that the medium- to long-term structure remains constructive even as the short-term momentum faces resistance near the 20DEMA zone. Open Interest (OI) has increased alongside the price upmove, signaling fresh long build-up and supportive participation in the recent rally.
Gold/Silver ratio, also known as the mint ratio, is trading negative below its key averages and is expected to see a potential breakdown below the 59-55 zone, which may further favor relative outperformance in Silver over Gold in the near term.
The overall trend in Silver Futures is expected to remain positive with bullish undertone, and traders may look for Buy on dips.
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Prediction given by Technical Research Team - Choice.



