SILVER WE HOLD OUR BULLISH VIEW FOR 1ST TARGET OF RS…

Silver beyond 70K

MCX silver has appreciated by nearly 51% in 2020 so far (Comex silver is up 48%).

Major triggers have been stimulus packages, soft dollar, demand for safe haven investments amid pandemic and rebound in China’s economic activities.

Silver has outpaced gold (32% gains) in the international market. Majority of the gains have come in July itself since Silver finished the month with nearly 30% returns.

The recent rallies in silver suggest precious metals assets still hold the top position as the most important safe-haven instruments.

MCX Silver is all poised to test an all time high of Rs. 73,600 which it hit in April 2011.

In case Comex silver touches $31 & $35, in rupee terms the target is set near Rs 85,000 & 95,000 per kg.

The technical indicators on the daily chart are definitely in overbought zone but the bulls are not in mood to give up on the silver too soon.

We hold our bullish view for 1st target of Rs. 85,000

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