Like Gold, Comex Silver spot has gained strength over the course of the past week and inclined by +3.73%. The price has continued to trade over 20-DMA level placed at $32.10 and managed to settle at $33.48 / ounces. Key resistance would be at $34.58.
Silver posted mild gains this week, underpinned by a weaker dollar and China’s policy easing to cushion trade-related stress. However, with safe-haven demand fading, silver’s rally remained subdued compared to gold.
MCX Silver July contract has breakthrough the Bearish trend-line and continue to trade over all key moving averages i.e. 50, 100 and 200-DMA levels placed at 96061, 95097, and 92495 respectively. Daily SAR (Stop & Reverse) is placed at 93399. Immediate hurdle would be at 99658 and breakout of this level will accelerate upward momentum in Silver price in upcoming week. RSI levels remain over 55 on all key timeframes.
We expect that Silver price may trade with Sideways-to-Bullish trend and traders may look forward for Buy-on-dips opportunity from the key levels for upcoming week.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
93,399 | 96,061 | 98,054 | 99,658 | 102,000 |
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Prediction given by Technical Research Team - Choice.