According to the Business Standard, as speculators built new positions amid covering-up of short positions, silver futures prices rose by 0.11 percent to Rs 44,316 per kg Wednesday. Market analysts have reported that this cover-up helped silver futures to trade higher but also initiated a weak trend overseas, limiting the rise.
In the international market, silver decreased 0.29 percent lower at USD 20.60 an ounce in Singapore.
Silver for delivery in September traded higher by Rs 47 in business turnover of 335 lots at the Multi Commodity Exchange. Meanwhile, spot silver was up 0.2 percent at $20.56 an ounce.
Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at last week's high of $21.21 an ounce, reports Forbes. The next downside price breakout objective for the bears is closing prices below major support at $20.00. First resistance is forecasted at $20.80 and then at Tuesday's high of $29.91. Next support is seen at Tuesday's low of $20.585 and then at last week's low of $20.42.
December silver traded Rs 23, or 0.05 percent, higher at Rs 45,000 per kg in a turnover of eight lots, reports the Business Standard.
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