Fundamental News and Triggers
- Silver prices surged close to $37 (~Rs 107,000), hovering at its best levels in over 13 years due to robust demand for safe-haven assets amid trade and economic uncertainty throughout the world.
- The recent underperformance of gold, which caused investors to turn to other precious metals, also helped the commodity.
- Ahead of fresh US-China trade talks in London, markets were cautious, and poor Chinese export data lowered confidence.
- Silver profited from strong industrial demand, especially in solar energy applications, in addition to its use as a hedge.
- The Silver Institute reports that in 2024, the world’s supply of silver fell 15% short of demand, and this year is expected to have another shortfall, which will help to keep prices stable.
Technical Triggers
- Gold prices are expected to trade in the same range of $3275 (~Rs 95000) and $3425(~Rs 99000) in the near term.
- Silver has finally given a breakout from its range – above $35 (~Rs 102,000) to trade at an all-time high of $36.9 (~Rs 107,000) at exchanges. The next target is $38 (~Rs 111,000) if this positive momentum continues.
Support and Resistance
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