Silver Consistent trades below the support of $21.50 - Geojit Financial
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Silver
Outlook
The broad—based selloffs in industrial metals coupled with a strong US dollar continue to hit the demand of the commodity. Higher US treasury yields and more interest rate hike expectations from Central banks due to higher inflation also limiting its safe haven appeal. Moderate physical demand from top consumer like China is the other reason to dent upside potentials. However, any turnaround in global industrial activities may pick up some demand in the near future.
COMEX: Consistent trades below the support of $21.50 more liquidation pressure in prices can be seen. However, recovery upticks are expected only a close above $24.
MCX: Inability to move past Rs 64000 bearish outlook to be continued. However, a weak domestic currency would dent major weakness in prices.
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