

| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 174,004 | 214,142 | 239,499 | 282,110 | 320,000 |
Silver prices rose around 6% over the week, while Comex silver surged nearly 9%, snapping the selloff that began in late January as markets reassessed the metal's fundamentals against heavily overextended speculative buying, particularly from Chinese traders, which added extreme volatility. Bullish interest was further supported by silver's strong industrial demand outlook, linked to its use in electrification and Al-related infrastructure and consecutive sixth year market deficit. However, gains were capped as pressure on precious metals intensified following a sharp rebound in the US dollar index, two week high, after the nomination of Kevin Warsh as the next Fed chair, viewed as a hawkish choice. Investors also remained cautious amid uncertainty surrounding US-Iran nuclear talks. Meanwhile, weaker US labor data-job cuts rising to 108.4K in January, initial claims at 231K, and a miss in ADP payrolls-strengthened expectations of Federal Reserve rate cuts later this year.
Unlike Gold, Silver price has experienced a bearish biasness over the course of the week, ended week with a decline of nearly -6% fall at 240,499. Price has traded back & forth over the course of the week, forming a Bearish Spinning top Weekly candle. Silver price has just managed to close above its key moving averages ie. 100 and 200-DEMA levels placed at 214142 and 174004 respectively. Also, price has settled right below the 50% of Fib. Retracement level placed at 253,468. Immediate resistance would be at 20-DEMA level placed at 282110. Daily SAR placed at 372,638. The momentum indicator, RSI has fallen below 50 level on Daily chart from its previous peak near to 95. On DAILY MACD, we can observe a bearish crossover above zero-line along side negative histograms.
The Gold/Silver ratio which is also known as Mint ratio has rebounded marginally from the dips of 44:1 to 63.50:1 in past few sessions which shows a out-performance of Gold in compared to Silver.
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Prediction given by Technical Research Team - Choice.



