After a recent consolidation in previous weeks, Comex Silver spot has finally broken through the hurdle and surged significantly by +9% in last week, made a high at $36.33 and managed to settle at $35.95 / ounces.
Silver surged this week, finally breaking out after lagging gold for several sessions, driven by improving fundamentals and renewed investor interest. The rally marks a catch-up move, with momentum-driven flows rotating into silver, supported by strong ETF inflows. Geopolitical tensions, falling yields, and rising Fed rate cut bets have boosted haven demand, while silver’s dual role—both industrial and monetary—continues to attract fresh attention. Persistent supply deficits and expanding clean energy demand further strengthen the bullish outlook.
In previous week, MCX Silver July contract has made an all-time high level in Indian market at 106,138, posted weekly incline of +8.79% and closed on a strong bullish note at 105,525. Price has continued to trade in a Rising channel, over all key moving averages i.e. 50, 100 and 200-DMA levels placed at 97495, 96033 and 93227 respectively. Daily SAR (Stop & Reverse) is placed at 98127. Looking at OI, we can observe a rise in OI levels surged from 17500 lots to 21240 lots in recent price surge which suggests strength in price move. RSI levels remained over 60 level on Daily & Weekly chart. Gold / Silver ratio, which is also known as Mint ratio, posted biggest decline since May-24, down by -7.74%, closed on a bearish note at 92 which is favorable for the Silver price.
We expect that Silver price may trade with Moderately Bullish trend and traders may look forward for Buy-on-dips opportunity in Silver in upcoming week.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
99,086 | 102,013 | 106,493 | 107,369 | 110,000 |
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Prediction given by Technical Research Team - Choice.<table border="1" cellpadding="10" cellspacing="0">
<thead>
<tr>
<th>Support 2</th>
<th>Support 1</th>
<th>CMP</th>
<th>Resistance 1</th>
<th>Resistance 2</th>
</tr>
</thead>
<tbody>
<tr>
<td>92,740</td>
<td>95,327</td>
<td>96,996</td>
<td>98,200</td>
<td>100,000</td>
</tr>
</tbody>
</table>
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