Silver - Nov 4, 2020 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International silver prices were weak this Wednesday morning and afternoon trade in Asia tracking the strength of the U.S. Dollar.

Investors continued to have faith in the dollar over U.S. election outcome concerns.

Technically, LBMA Silver Spot has resisted 21-DMA which is placed at $24.23 levels, however $23.68 holds a support below which will continue its downside momentum up to $23.00-$22.75 levels.

Domestic silver futures on MCX tracked international prices and was trading with losses in this Wednesday afternoon trade.

Technically, MCX Silver December is trading below 21-Daily Moving Average at 61700 levels. However below 61200 could see a Bearish move upto 59900-59100 levels. Resistance is at 62400-63050 levels.

Source : Equity Bulls

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