Comex Silver spot has outperformed past week compared to Gold, having inclined by +4.21% and managed to settle on a positive note at $38.38 / ounces.
Silver closely tracked gold’s trajectory, reflecting the same balance between risk-off sentiment and the dampening impact of stronger yields and currency strength. The short yet strong rally was following industrial demand expectations given the easing trade tension.
Silver price has succeeded to make another all-time high in the Indian market, made a high at 113,111, surged by +4.31%. Like Gold, Silver price has remained in Rising channel formation, trading above all key moving averages i.e. 50, 100 and 200-DEMA levels placed at 103,845, 100,506 and 96,348 respectively. Daily SAR is placed at 104,385.
Looking at OI (Open Interest), we can observe a rise in OI levels to 22,700 lots with recent price rise, which indicates strength in bullish trend. RSI levels also above 70 on all key timeframes.
We expect that Silver price may trade with a Moderately Bullish trend, and traders may look forward for Sell-on-rise opportunity in Silver in the upcoming week. Overall, silver looks strong, but traders should watch for a throwback to support levels before continuation or consider trailing stop-losses for existing long positions.
Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
---|---|---|---|---|
103,385 | 107,279 | 113,111 | 115,000 | 118,500 |
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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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