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Silver slides below Rs 65,000 on dollar uptick, weakness in gold, industrial metals

If MCX Silver for November trades below Rs 65,000, it could test the support zones at Rs 64,625-64,320 levels.

Mumbai / October 29, 2021 / 04:10 PM IST


Silver prices eased mildly on October 29 on a stronger dollar, and weakness in gold and industrial metals. The white metal had fallen 0.29 percent on the COMEX on Thursday.

Silver traded in the negative territory but prices were in off-session lows in the afternoon session, following weak global cues.

The precious metal has been trading higher than the 20 and 50 days' moving averages but lower than the 5, 100 and 200 days moving averages on the daily chart. The momentum indicator Relative Strength Index (RSI) was at 58.73, suggesting a buy in the price.

International silver prices have started with small cuts this Friday afternoon in Asian trade ahead of PCE price index data tonight. "Technically, if COMEX Silver December trades below $24.150 levels, it could witness a downside momentum up to the support zones at $23.990-23.860 levels. Resistance zones is at $24.280-24.440”, said Sriram Iyer, Senior Research Analyst at Reliance Securities.