Silver Rates Surge Significantly Today, After Falling For 3 Days Straight

Silver prices in India, today, on July 1, are significantly bullish, after falling for 3 days straight. The silver rate is quoted at Rs. 5900/100 grams in India, gaining sharply by Rs. 40/100 grams. However, the US Dollar index and the US bond yields are surging, so silver rates are expected to come under pressure. In the international futures markets, silver prices have been significantly bearish today.

"The metals are feeling the pressure of a stronger U.S. dollar index that is back near its recent 20-year high and from near-term charts that have turned significantly more bearish this week. That's inviting the technically based speculators to play the short sides of the gold and silver futures markets," today a Kitco News report mentioned.

Today, in the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 58182/kg, falling by 1.20%. In the spot market, silver prices stood at $19.92, falling by 2.07%. In the Comex futures market, silver was quoted at $19.75, falling by 2.93%, and yesterday the metal closed at $20.352. In the past 1 year, in Comex silver prices have fallen sharply by 25.88%. US Dollar index on the other hand is quoted at 105.23, surging by 0.46%.

"July silver futures bears have the solid overall near-term technical advantage as prices are at a two-year low. Silver bulls' next upside price objective is closing prices above solid technical resistance at $21.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $19.00. First resistance is seen at $20.00 and then at the overnight high of $20.185. Next support is seen at $19.25 and then at $19.00," analyst Jim Wyckoff told Kitco News.

Today's silver rates in important Indian cities: