The silver market presented a mixed picture on Wednesday, with international prices gaining ground while domestic markets in India witnessed a sharp sell-off. The day was marked by value buying in early global trade but concluded with significant profit-booking on the Multi Commodity Exchange (MCX).
Global Strength Meets Local Profit-Booking
In the international arena, the COMEX silver price opened with an upside gap. It managed to touch an intraday high of $78.875 per ounce, registering a gain of approximately 1.50% during the session. This upward movement indicated renewed interest and value buying from global participants.
Contrasting this trend, the Indian market saw a starkly different scenario. The MCX silver rate faced intense selling pressure as the trading day progressed towards the Closing Bell. This profit-booking activity led to a substantial decline. Finally, the white metal settled at ₹2,51,500 per kg, marking a steep fall of ₹7,311 for the day.
Expert Analysis: Critical Levels to Watch
Anuj Gupta, Director at Ya Wealth, provided a detailed technical outlook for the precious metal. He highlighted that the COMEX silver price is currently confronting a minor resistance at $79 per ounce and a far more crucial hurdle at the $82 per ounce level.
"Upon breaking above $79 decisively, the white metal may soon reach the $82 level," Gupta stated. "However, a bullish or a bearish trend can be assumed only when the white silver breaks above $82 per ounce levels on a closing basis. Once this happens, we can expect the precious bullion to touch $90 per ounce levels soon."
Key Support Zones for Silver
On the downside, Gupta pointed out important support levels that traders should monitor. He noted that the COMEX silver price has immediate support placed at $75 per ounce. A breach below this level could lead the metal towards its crucial support zone at $72 per ounce.
"If the precious bullion dips below $72 support, then the white metal may try to touch $68 to $67 levels," added Anuj Gupta of Ya Wealth. This delineates a clear roadmap for potential price movements based on these key technical thresholds.
The day's trading underscores the volatile nature of commodity markets, where local dynamics like profit-booking can override short-term global strength. Investors are now keenly watching the $79 and $82 resistance levels on COMEX for a decisive directional cue.
