MCX Silver is showing stronger momentum compared to MCX Gold, indicating a bullish bias in the short term. The white metal has been gaining traction, supported by a combination of industrial demand recovery and investor interest amid global economic uncertainties. Technically, silver is forming higher highs and higher lows on the charts, signaling sustained buying interest.
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As long as prices hold above the crucial support level of ₹1,11,000, the bullish trend is expected to continue.In the short term, MCX Silver has the potential to move towards ₹1,17,000, and if the momentum sustains, it could even test ₹1,18,000. The rally is supported by a weaker rupee, rising industrial activity, and expectations of stable-to-lower interest rates globally, which boost the appeal of precious metals.
Additionally, silver’s dual role as both an investment and industrial commodity gives it an edge over gold during periods of economic transition.Traders should monitor price action near ₹1,12,400 for any signs of reversal or profit booking. As long as silver sustains above this level, dips can be considered as buying opportunities. Overall, MCX Silver appears well-positioned to outperform in the near term, with bullish momentum likely to continue.
MCX Silver Trading Strategy
- CMP: 115000
- Target: 118000
- Stoploss: 112400