

Silver prices have surpassed $60 per ounce for the first time since 1980, now able to buy more than a barrel of oil. The price is approaching $65 amid a short-squeeze, with investors viewing any declines as buying opportunities. The U.S. Federal Reserve has implemented its final quarter-point rate cut for the year but is cautious about further reductions. Investors expect two more rate cuts next year and are awaiting the U.S. non-farm payrolls report. Silver’s rise reflects similar trends affecting gold, driven by concerns over dollar debasement, rising fiscal deficits, and lower interest rates. Additionally, the London silver lease rate has reached 7.5%–8%, indicating tighter physical supply.
Silver price in India has reached its historical all-time high level at Rs. 2,00,000 per kg in the past week. Silver price has delivered its 3rd consecutive positive week, marked up move of more than 5%. Price has experienced marginal profit-booking ahead of weekend where price has corrected by nearly 5.75% from the ATH level which has dampened its weekly gains and managed to settle at 192,615. Here, Silver price is still above its all key moving averages i.e. 20, 50 and 100-EMA levels placed at 175,851, 160,973 and 145,987 respectively. Daily SAR is placed at 171,835. For the further upside move, crucial resistance would be at the ATH level i.e. 201,615. Here, we can observe a mild decline in OI levels to 10,990 lots even though the silver price is in continue boost which signifies that there is an ample long unwinding at peak levels.
The Gold/Silver ratio which is also known as Mint ratio has posted decline for the 3rd consecutive week, back to below its historical range below 70:1, made a low at 66.56:1 in past week and settled with rebound at 69.44:1.
We are expecting Moderately Bullish trend in next week in Silver and traders may look for Buy-on-dips opportunity.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 180,000 | 187,299 | 192,851 | 201,615 | 208,000 |
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Prediction given by Technical Research Team - Choice.


