Silver - Feb 1, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

International silver prices are trading lower as investors booked profits this Tuesday morning and early afternoon trade in Asia.

Additionally, in response to the rise in prices, CME Group Inc raised Comex 5000 Silver Futures margins by 17.9% to $16,500 per contract from $14,000 for February, which may have also seen retailers exit long positions and may have temporarily stopped retailers taking fresh long positions.

Technically, LBMA Silver Spot is holding above $28.00 after giving a breakout of Rising Channel formation. However, it can see some sideways momentum below $28.00 levels where support is at $27.70-$27.00 levels. Resistance is at $29.40-$30.10 levels.

Domestic silver prices are trading weak on Tuesday morning and early afternoon trade, tracking weak overseas prices.

Technically, if MCX Silver March trades and closes below 71500 we could see a downside pressure up to 69900-67500 levels. Resistance is at 73000-74700 levels.

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Source : Equity Bulls

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