Indian Silver Prices Sharply Bullish, Up By Rs. 160 Intraday: Check Trend & Rates

Indian silver prices are sharply bullish today, as the metal gained by around 4% in global futures markets. The US Dollar index is also a bit weak now, which is pushing the metal prices up. Silver rate, on August 9, in India, is quoted at Rs. 5900/100 grams, gaining sharply by Rs. 160/ 10 grams.

Today, in the Comex futures market, silver was quoted at $20.485 falling by 0.63%, and yesterday the metal closed at $20.614. In the past 1 year, in Comex silver prices have fallen sharply by 13.53%. In the spot market, silver prices stood at $20.58, falling by 0.80%. Significantly, the US dollar index in the spot market stood at 106.27, falling by 0.06%. In the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 58785/kg, falling by 0.46%.

Estimating the upcoming market trend, analyst Jim Wyckoff told Kitco News, "September silver futures bears have the overall near-term technical advantage. However, prices are in a fledgling uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $22.00. The next downside price objective for the bears is closing prices below solid support at $19.00. First resistance is seen at this week's high of $20.745 and then at $21.00. Next support is seen at $20.25 and then at $20.00."