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Silver prices steady at Rs 67,943 per kg as US dollar weaken; speculators reduce net long position

Technically, if LBMA Silver sustains above $26.00 level and will continue its bullish momentum up to $26.30-$26.90 levels.

Mumbai / June 28, 2021 / 04:09 PM IST
Source: Reuters

Source: Reuters

Silver prices were steady on June 28 tracking subdued gold prices and dollar weakness. The precious metal gained Rs 293 or 0.43 percent last week on the MCX.

The white metal traded in the positive territory after a gap-up start tracking muted global cues.

The semi-precious metal has been trading lower than 20, 50 and 100 days’ moving averages but higher than the 5 and 200-days’ moving average on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 37.37, which indicates weaker movement in the price.

According to CFTC data, speculators reduced net longs position by 16,675 contracts to 29,882 in the week to June 22.