Silver Outlook Report
The global spot silver ($14.65 per ounce) looks much stronger than gold and is likely to outperform in the coming weeks as expected. It seems to have formed a strong base around $14 and could be gearing up for a fresh rally.
Spot Silver – Near-term support is at $14.20. An up-move to $15 is likely in the coming days. Inability to breach $15 can drag the prices lower to $14.5. But a strong break above $15 will see the rally extending to $15.6 thereafter.
Silver will come under pressure only if it breaks below $14. The next targets are $13.8 and $13.65. However, such a fall, breaking below $14, looks unlikely at the moment.
The MCX-Silver (38,577 per kg) is hovering below a key resistance level of ₹38,750. A break above it can take the contract higher to ₹38,900 initially. A further break above ₹38,900 will then see the up-move extending to ₹39,500 in the short term. – Neal Bhai Reports