

COMEX Silver posted a powerful rally of +12.5% over the week, forming a strong weekly marubozu candlestick as it made a fresh all-time high at $56.53. The daily timeframe also confirmed a cup-and-handle breakout, reinforcing expectations of further upside ahead. Price action remained comfortably above short-term support zones, underscoring continued bullish strength.
MCX Silver Futures delivered a similarly impressive performance, marking an all-time high at 172,099 and gaining +19,200 points over the week. After breaking above the trendline near 163,000, prices surged +5.8% in Friday’s session and closed strongly at 171,637. The contract now holds firmly above all major daily moving averages — the 20-, 50-, 100-, and 200-DEMA at 156,430, 148,660, 137,800, and 125,030 respectively — indicating deep-rooted structural strength in the ongoing uptrend.
Open interest in the December Silver contract declined by about 8,000 lots even as price surged, signaling that the rally may be driven by short-covering and momentum rather than fresh long build-ups. Daily RSI has surged toward the mid-70s region (around 74+), reflecting an overbought yet strongly bullish momentum setup. The breakout candle on higher volume shows expanding participation, while the MACD histogram remains firmly positive, aligning with the upward continuation move. Price is respecting its rising channel structure, consistently forming higher highs and higher lows. The steep collapse in OI on the chart further supports the idea of aggressive short-covering fueling the breakout toward new highs.
Meanwhile, the Gold/Silver ratio (Mint Ratio) extended its decline sharply, marking a one-year low at 74.83, down about 8% for the week — reaffirming that silver has strongly outperformed gold in terms of relative strength.
Overall, the trend in silver remains decisively bullish, with buy-on-dips expected to remain the favored strategy as long as prices sustain above key support zones and the momentum structure stays intact.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 161,350 | 165,800 | 171,637 | 175,000 | 180,000 |
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Prediction given by Technical Research Team - Choice.



