

Comex Silver experienced a notable surge, closing at $79.90 per ounce with a gain of +9.73%. This increase followed a volatile trading week characterized by significant price fluctuations due to weaker-than-expected U.S. job growth, tightening global supply, and rising geopolitical uncertainty. Factors contributing to the short-term volatility include recent margin increases by the CME and the expected liquidation of about 12,000 futures contracts by mutual funds. Despite a strong dollar nearing a one-month high, anticipated interest rate cuts by the Federal Reserve may dampen further gains ahead of the upcoming Nonfarm Payrolls report.
Like Gold, MCX Silver March contract has continued its upward momentum in the past week, making another all-time high level at 259,692 and managing to close on a positive note at 252,002. Price has a modest weekly gain of +6.51%. Silver price has continued its upward sustaining over key averages i.e. 20, 50 and 100-DEMA levels placed at 228,290, 195,056 and 172,751 respectively. Daily SAR is placed at 259,692. Looking at OI levels, we can observe a long unwinding in OI along with a price incline. OI declined to 11,860 lots, which signifies that there is lesser buying interest even though price is at ATH level.
The momentum indicator RSI levels are declining, currently at 65 on daily timeframe. Also, we can observe divergence on MACD above zero-line alongside positive histograms.
The Gold/Silver Ratio, which is also known as Mint ratio, continued to decline in the past week, back to 56:1, which shows that still Silver has an upper hand over Gold and we may expect extended gain in Silver price if it breaks below its previous support at 54:1.
In our analysis, Silver price may trade with a Moderately Bullish trend and traders may expect Buy-on-dips opportunity. Since there are mixed signals in terms of indicators and OI levels, traders may follow strict stop-loss in long positions.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 220,000 | 236,044 | 252,725 | 259,322 | 270,000 |
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Prediction given by Technical Research Team - Choice.



