Protected: Massive Rally in MCX Silver Next Week, Target 5,000 Points
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Precious metals speculators yet again increased their net long positions in the Silver (XAG/USD) futures markets sharply last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Silver futures, traded by large speculators, hedge funds and retailers, totaled a net position of 62198 contracts in the data reported through September 24, 2024. This was a weekly gain of 4000 net contracts and took net longs to four and half year high.
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MCX Silver Tips [12 September, 2024]: As Expected MCX Silver Kiss High 87,300. My Final Target is Rs. 86,550. White Metal fully target hit.
Silver Forecast and Target Price: Spot silver (White Metal) prices today broke out to fresh monthly highs, surging beyond Tuesday’s highs in the $24.30 per troyounce area to hit the $24.50 mark, boosted asfears of a Russian invasion into Ukraine rose. At current levels near highs of theday in the $24.40s, silver prices currently trade with on theday gains of nearly 1.5%, with the bulls now eyeing a test of annual highs printed back in mid-January in the $24.70s.
MCX Silver Price Target: Silver yesterday settled up by 0.21% at 68684 as retreating U.S. Treasury yields and a softer dollar bolstered the metal’s appeal.
Gold prices in India have corrected sharply from record highs hit earlier this month. In futures markets gold currently trades at ₹51,400 levels per 10 gram as compared to August 7 highs of ₹56,200.
Silver MCX 67500 To 73254 = 5754 Point Up
Gold MCX 51300 To 52100 = 800 Points Up
Gold Silver Tips Today – Spot gold was up 0.4 per cent at $1,936.64 per ounce by 0316 GMT (8:46 am in India). US gold futures rose 0.6 per cent to $1,943.20 per ounce.
Gold Silver Alert : The ongoing rally in the US Treasury market is fueling demand for gold, and silver, as US real yields – nominal US Treasury yields less inflation – continue to turn further negative.
Gold Silver Alert : Kal Gold Silver Down Open Hoga – Neal Bhai Reports