Silver - May 4, 2021 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

In other precious metals, silver also fell on Tuesday afternoon trade in Asia, tracking the strong dollar and weak gold prices.

Technically, LBMA Silver Spot has given a breakout of Inverse Head & Shoulder pattern with good volume activity indicating a strong bullish trend in the counter. Support is at $26.60-$25.80 levels. Resistance is at $27.30-$27.75 levels.

Domestic silver prices are trading weaker on Tuesday afternoon trade, tracking overseas prices and marginally stronger Rupee.

Technically, MCX Silver July breakout above 7000 could see 71600-72400 levels. Support is at 69900-68650 levels.

Strategy for Silver July for the strategy for the rest of the session will be buying near 70500 with a stoploss at 69500 and a target at 72000.

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Source : Equity Bulls

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