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Silver Prices See A Sharp Drop, Quoted At Rs. 5940, Good Time To Invest?
Gold and silver rates in India are decided based on the international prices daily. Today, on June 29, silver rate is quoted at Rs. 5940/100 grams in India, falling sharply by Rs. 60/100 grams. The precious metal's rates highly depend on the US Dollar index. As the US currency is getting firmer against the other currencies, the commodity has seen a sharp drop.
Today, in the Mumbai Commodity Exchange (MCX), silver September futures are quoted at Rs. 59847.00/kg, falling by 0.57%. In the Comex futures market, silver was quoted at $20.79, falling by 0.39%, and yesterday the metal closed at $20.87. In the past 1 year, in Comex silver prices have fallen sharply by 21.04%.
According to analyst Jim Wyckoff, who commented to Kitco News, "July silver futures were down $0.136 at $20.67 in midday trading today and nearer the session low. The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $22.565 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at $21.00 and then at Tuesday's high of $21.355. Next support is seen at the June low of $20.545 and then at $20.42."
